‘Big Oil’ tax passes House

| 8/6/2007

The U.S. House of Representatives this weekend approved a $16 billion tax on oil companies while providing billions of dollars in tax breaks for renewable energy and conservation efforts.

According to The Associated Press, Republican opponents of the legislation say it ignores the need to produce more domestic oil, with one lawmaker calling the measure, “pure venom against the oil industry.”

But House Speaker Nancy Pelosi, D-CA, told The AP “we are turning to the future,” and said the measure will address global warming and make the U.S. less dependent on foreign energy.