|WCAX: "Welch: End tax breaks for oil industry"|
|Wednesday, 16 June 2010 00:00|
Vermont's Congressional delegation continues to push for sanctions against BP and the oil industry in the wake of the Gulf of Mexico oil spill.
Rep. Peter Welch, D-Vermont, took oil executives to task Tuesday during a hearing on Capitol Hill. Welch wants to end billions of dollars in tax breaks and other government incentives to the oil industry and focus that money on the clean-up and developing renewable energy.
Welch said, "The question really is should taxpayers in the United States continue to provide billions of dollars in subsidies to an industry-- the oil industry-- that's mature-- to an oil industry that's extremely profitable?"
The oil industry says the government incentives are critical to maintaining thousands of jobs. They say they should not be treated any differently than other industries that receive tax breaks.