[Congressional Record (Bound Edition), Volume 154 (2008), Part 2]
[House]
[Pages 2083-2084]
[From the U.S. Government Publishing Office, www.gpo.gov]




                      RENEWABLE ENERGY TAX PACKAGE

  (Mrs. CAPPS asked and was given permission to address the House for 1 
minute and to revise and extend her remarks.)
  Mrs. CAPPS. Mr. Speaker, ExxonMobil recently announced that they have 
earned over $40 billion in 2007, the highest profits ever for a U.S. 
company. Of course, we want our U.S. companies to succeed in the global 
marketplace, but hugely profitable oil companies certainly don't need 
taxpayer subsidies, especially as the price of oil continues to hover 
at $100 a barrel.
  I want to urge my colleagues, it was none other than President Bush 
who said that with oil at $50 a barrel, he saw no need for the kind of 
subsidies put in the 2005 energy bill by the Republican Congress. My 
constituents are

[[Page 2084]]

fed up that oil companies are reaping billions in profits while 
hardworking Americans are suffering from a slowing economy.
  Now is the time to level the playing field by removing Big Oil tax 
breaks and advancing clean technologies that will create green collar 
jobs and help grow our economy, drive down high energy prices, reduce 
our dependence on dirty and dangerous fossil fuels, and curb global 
warming pollution.
  If we are going to give American consumers more efficient and cheaper 
energy options, we need to expand the incentives to invest in renewable 
and alternative energy sources.
  The House will soon take up legislation to repeal these giveaways and 
to put our tax dollars to work to create a new policy for the 21st 
century. This legislation will significantly move us toward the goal of 
energy independence.
  I urge my colleagues to support this bill.

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