[Congressional Record Volume 154, Number 24 (Wednesday, February 13, 2008)]
[House]
[Page H875]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      ENDING SUBSIDIES FOR BIG OIL AND SUPPORTING RENEWABLE ENERGY

  (Mr. WALZ of Minnesota asked and was given permission to address the 
House for 1 minute.)
  Mr. WALZ of Minnesota. Mr. Speaker, you've heard previous speakers 
this morning talk about the incredible profits of oil companies. The 
number is $40 billion last year. That is the largest corporate profit 
in the history of this Nation. And meanwhile, as these profits are 
flowing and high energy prices continue to squeeze working-class 
Americans since President Bush took office, gas prices are up 109 
percent, and home heating prices are up 222 percent. And over that same 
period of time, profits at the oil companies are up 313 percent.
  Now, to add insult to injury, in addition to these profits, the oil 
companies are currently receiving tax subsidies from the taxpayers of 
America. House Democrats do not believe that's right.
  In the coming weeks, we are going to consider legislation that will 
end those subsidies and transfer it to renewable energy sources. 
Renewable energy jobs and investment across America depend on 
Washington to act on this.
  Mr. Speaker, by passing this energy bill, congressional Democrats 
will lower energy costs, improve national security by making us more 
energy independent, and end taxpayer finance subsidies to the oil 
companies.

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