The Energy Conservation Fraud
On Friday, the House quietly passed the Energy Conservation Bill. Much like the Employment Act had little to do with employment, this bill has little to do with energy conservation.
The bill provides a total of $12 billion in tax breaks and payments for the hard hit, struggling oil and gas companies.
After seeing some of the meager oil industry quarterly reports, like Exxon Mobils paltry $25 Billion net income in 2004, I know this bill is just what they need to help us conserve more energy.
The main thrust of the "Energy Conservation" bill is the mitigation of corporate liability for what will be a multi billion dollar rash of future MTBE related lawsuits.
For years, leaking from underground storage tanks, the gasoline additive MTBE has affected more than 1,800 community water systems in 29 states with a potential cleanup cost of $29 billion.
This has prompted a number of lawsuits and cleanup bills that threaten producers with billions of dollars in penalties.
Large oil companies and other producers of the additive have sought protection from Congress, saying the government had certified the additive as appropriate for use in meeting federal clean air standards.
The "Energy Conservation" bill provides oil and gas companies with: a liability shield against all MTBE lawsuits. Payment of $2 billion in transition costs over eight years as MTBE is phased out. An additional $2 billion in tax breaks for deep water oil and gas exploration in the Gulf of Mexico.
And last but not least, an additional $8.1 billion in tax breaks over 10 years to promote the coal, nuclear, oil and natural gas industries.
Ah, yes Washington D.C., what this town needs is an enema.
The bill provides a total of $12 billion in tax breaks and payments for the hard hit, struggling oil and gas companies.
After seeing some of the meager oil industry quarterly reports, like Exxon Mobils paltry $25 Billion net income in 2004, I know this bill is just what they need to help us conserve more energy.
The main thrust of the "Energy Conservation" bill is the mitigation of corporate liability for what will be a multi billion dollar rash of future MTBE related lawsuits.
For years, leaking from underground storage tanks, the gasoline additive MTBE has affected more than 1,800 community water systems in 29 states with a potential cleanup cost of $29 billion.
This has prompted a number of lawsuits and cleanup bills that threaten producers with billions of dollars in penalties.
Large oil companies and other producers of the additive have sought protection from Congress, saying the government had certified the additive as appropriate for use in meeting federal clean air standards.
The "Energy Conservation" bill provides oil and gas companies with: a liability shield against all MTBE lawsuits. Payment of $2 billion in transition costs over eight years as MTBE is phased out. An additional $2 billion in tax breaks for deep water oil and gas exploration in the Gulf of Mexico.
And last but not least, an additional $8.1 billion in tax breaks over 10 years to promote the coal, nuclear, oil and natural gas industries.
Ah, yes Washington D.C., what this town needs is an enema.
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