Pelosi-led Democrats will challenge Big Oil on tax breaks
House Democrats are drawing a bead on the oil industry's tax breaks but may put off a broader energy plan that addresses alternative energy sources. Incoming House Speaker Nancy Pelosi of California wants to roll back "the multibillion dollar subsidies for Big Oil." Repealing many of those benefits was talked about earlier this year as lawmakers responded to public outcry over oil profits. But it appears her first move on the energy issue will be less aggressive than her earlier pronouncements. Democrats are expected to consider price gouging legislation and propose incentives and mandates for biodiesel and ethanol.
[Source: J. Josef Hebert / Associated Press via The Columbian News]
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