Saturday, March 31, 2012
New Mexico’s Working Families Praise New Mexico’s U.S. Senators for Voting to End Billions in Special Oil & Gas Company Tax Breaks
From Organizers in the Land of Enchantment:
Reps. Luján, Heinrich Vote Against Oil & Gas Tax Breaks in Ryan Budget
The U.S. Senate failed to pass legislation Thursday by Sen. Bob Menendez (D-NJ) which would have cut $24 billion in tax breaks for the five richest oil companies and use the savings to pay down the U.S. debt and invest in wind power and energy efficiency. Organizers in the Land of Enchantment (OLÉ) praised New Mexico’s U.S. Senators Jeff Bingaman and Tom Udall for voting for the legislation.
Even though a majority voted to pass the bill, the nearly party line vote of 51-47 failed to muster the 60 votes needed to override a filibuster.
Also on Thursday, the U.S. House of Representatives passed House Budget Committee Chairman Paul Ryan’s (WI) budget which retains a decade of oil and gas industry tax breaks worth tens of billions of dollars. OLÉ applauds Congressmen Ben Ray Luján and Martin Heinrich for voting against continuing these taxpayer giveaways and expresses frustration that Rep. Steve Pearce voted for it.
Oil companies made $137 billion in profits last year, thanks to the high prices consumers paid at the gas pump. And despite nearly record high levels of drilling in the United States, gas prices are going up not down.
“We don’t have a problem with too little production; we have a problem with too much profiteering. And working families are footing the bill,” said Mathew Henderson, OLÉ Executive Director.