[Congressional Record Volume 161, Number 121 (Wednesday, July 29, 2015)]
[Extensions of Remarks]
[Page E1181]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   INTRODUCTION OF THE ``END OIL AND GAS TAX SUBSIDIES ACT OF 2015''

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                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                        Wednesday, July 29, 2015

  Mr. BLUMENAUER. Mr. Speaker, today, I am introducing the ``End Oil 
and Gas Tax Subsidies Act of 2015'' that will save American taxpayers 
more than $40 billion over the next decade.
  American taxpayers are subsidizing some of the largest and most 
profitable companies in the world with their tax dollars. These 
subsidies underwrite the costs of oil and gas production, including 
offsetting intangible drilling costs, the cost of tertiary injectants, 
and costs associated with domestic production. There are also subsidies 
that offset foreign taxes, provide tax shelters disguising active 
income with passive losses, and subsidies that allow major oil 
companies to discount the value of their inventories.
  The ``End Oil and Gas Tax Subsidies Act of 2015'' would end 10 of the 
most egregious tax loopholes enjoyed by the oil and gas industry--tax 
loopholes that have helped companies like Chevron, ExxonMobil and Shell 
add to the billions in profits they already make every year. The 
legislation is very similar to President Obama's proposal to eliminate 
oil and gas tax preferences in his FY 2016 Budget.
  Instead of padding the bottom line of oil and gas companies, taxpayer 
dollars could be better spent renewing and rebuilding our nation's 
infrastructure and investing in emerging clean resources like wind and 
solar that will help us combat climate change and transition to a clean 
energy future.
  I hope my colleagues will join me in supporting this important 
legislation.

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