C2C: Stop Big Oil’s Fleecing of America

Matt Jerzyk at Rifuture.org has a post which provides a good summary of HR 6 and the context in which Congress is attempting to hold the oil industry more accountable:

Today, in Hour 36 of the First 100 Hours, the House will take-on one of the biggest friends of the Bush Administration: Big Oil.

This legislation, HR 6, will cut an estimated $13 billion worth of handouts to the oil industry. The money saved and generated from this legislation will be placed into a renewable energy fund to make the United States less dependent on foreign oil. That’s right. We are taking money from big oil companies who could care less about clean energy and putting the money into a fund to develop renewable energy. What a novel idea!

More specifically, the legislation would impose a “conservation fee” on oil and gas taken from deep waters of the Gulf of Mexico, scrap nearly $6 billion worth of oil industry tax breaks enacted by Congress in recent years and seek to recoup royalties lost to the government because of an Interior Department error in leases issued in the late 1990s. [full text]