Repeal Oil Tax Breaks, Invest in Alternative Energy

Source: Campaign for America's Future

"There are plenty things in this budget that we could remove and substitute better things for. For example, we could roll back the subsidies for big oil and use that money for investment in alternative energy." - House Democratic Leader, Rep. Nancy Pelosi

The Promise

The Democrats' first 100 hours plan aims to reduce American dependence on oil. The opening move is to roll back the multi-billion dollar subsides to Big Oil and reinvest them into the clean, renewable energy technologies that will help America break its addiction to oil and save American families money at the pump.

The Problem

• America's dependence on oil has become a threat to our nation's economic and national security, and a burden on working families.
• Half of low-income households could not afford last year's heating bills, 1/3 reported that they sacrificed on medicine to pay for heat, 1/5 gave up food for a day or more.
• Gas prices have sky rocketed; the cost of regular unleaded gasoline grew by 58 percent from 2000 to 2005 ¹ and families are squeezed at the pump. ²
• 65% of oil we consume is imported from abroad, a percentage that rises each year.

The People

The American people are hungry for change. This election was a dramatic cry for change. Election Day polling by Lake Research Partners found that 74% of voters indicated energy issues, particularly diminishing the influence of Big Oil in Congress and the need for alternative energy had an impact on their vote for Congress. When asked to further define what change and moving America in a new direction meant, 96% of voters indicated a new direction on energy was important--with a full 73% saying it was very important.

The Down Payment

Democrats will introduce legislation to roll back multi-billion dollar subsides for established oil interests. That won't take us to energy independence immediately. Full independence would require a concerted drive like that called for by the Apollo Alliance (www.apolloalliance.org), the 100-hour plan is a change in direction and a marker of things to come.

Miller, George. "Democrats' New Direction for America: A Growing Economy that Benefits Every American Family." September 2006. http://edworkforce.house.gov/democrats/pdf/EconomyReportSept06.pdf "

History Repeats Itself: As the Price of Gas Goes Up, The Nation's Odometer Slows Down." Pew Research Center. August 8, 2006. http://pewresearch.org/social/pack.php?PackID=17