Yesterday, 47 United States Senators voted to kill 37,000 American jobs, while giving $24 billion in tax breaks to big oil companies. It’s clear where these Senators’ loyalties lie: They would rather give handouts to the dirty energy of the past rather than invest in the clean energy of the future.
This bill would do two things: End several egregious subsidies to big oil companies, while extending industry-supporting incentives for clean energy. Among those incentives is the critical Production Tax Credit, which encourages investment in wind energy. As we’ve reported before, raising taxes on the emerging wind power industry by failing to extend this credit will kill 37,000 jobs. Indeed, we’ve already seen layoffs as manufacturing companies prepare for the worst.
Senator Jim Webb (D-VA) had this to say about the Repeal Big Oil Tax Subsidies Act:
My vote today was based largely on concerns over extending tax credits for a number of renewable technologies. Government should avoid picking winners and losers, and should allow the marketplace to work.
Wrap your head around that for a second. Senator Webb had two choices: Support Big Oil, or support clean energy. For all his tortured reasoning about allowing the marketplace to work, Webb can’t deny that he voted for $24 billion in tax subsidies to Big Oil companies.