S.Amdt. 3682
What it does: Adds SEC. _. SENSE OF THE SENATE ON LEGISLATION REPEALING FOSSIL FUEL ENERGY TAX BREAKS wherever appropriate
Sen. Joseph R. Biden Jr. (D-DE)What it changes
1 change to H.R. 4939
Adds SEC. _. SENSE OF THE SENATE ON LEGISLATION REPEALING FOSSIL FUEL ENERGY TAX BREAKS wherever appropriate
Adds a sectionInserted: SEC. _. SENSE OF THE SENATE ON LEGISLATION REPEALING FOSSIL FUEL ENERGY TAX BREAKS.
Inserted: (a) Findings.--The Senate finds the following:
Inserted: (1) President Bush stated the following on April 20, 2005: "With oil at more than $50 a barrel . . . energy companies do not need taxpayer-funded incentives to explore for oil and gas.".
Inserted: (2) President Bush stated the following on April 25, 2006: "Record oil prices and large cash flows . . . mean that Congress has to understand that these energy companies don't need unnecessary tax breaks. ".
Inserted: (3) The price of a barrel of crude oil recently exceeded $75, and remains above $72.
Inserted: (4) The average price of a gallon of regular gasoline is currently over $2.90, and exceeds $3 in many parts of the country.
Inserted: (5) Since 2001, the median family income has not kept pace with the cost of living, and the price of a gallon of regular gas has increased over 100 percent.
Inserted: (6) There have been 2,600 mergers in the oil and gas industry in the past decade.
Inserted: (7) The profits of the oil and gas industry reached historic highs last year, including over $36 billion in profits for Exxon Mobil, the most ever for a single corporation.
Inserted: (8) On March 14 of this year, the Senate Committee on the Judiciary conducted an antitrust oversight hearing on the effect of oil and gas industry consolidation on consumer prices, and at that hearing the chief executives of six major oil and gas companies stated under oath that they do not need additional incentives to conduct their businesses.
Inserted: (9) The aggregate budget deficit of the United States for the period of fiscal years 2002 to 2011 is projected to total $2.7 trillion.
Inserted: (b) Sense of the Senate.--It is the sense of the Senate that the Committee on Finance shall, within 90 days of the date of the enactment of this Act, report legislation that repeals the provisions of, and the amendments made by, subtitle B of title XIII of the Energy Policy Act of 2005.
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Original wording
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As printed
SA 3682. Mr. BIDEN submitted an amendment intended to be proposed by him to the bill H.R. 4939, making emergency supplemental appropriations for the fiscal year ending September 30, 2006, and for other purposes; which was ordered to lie on the table; as follows:
At the appropriate place, insert:
SEC. _. SENSE OF THE SENATE ON LEGISLATION REPEALING FOSSIL FUEL ENERGY TAX BREAKS.
(a) Findings.--The Senate finds the following:
(1) President Bush stated the following on April 20, 2005: “With oil at more than $50 a barrel . . . energy companies do not need taxpayer-funded incentives to explore for oil and gas.”.
(2) President Bush stated the following on April 25, 2006: “Record oil prices and large cash flows . . . mean that Congress has to understand that these energy companies don't need unnecessary tax breaks. ”.
(3) The price of a barrel of crude oil recently exceeded $75, and remains above $72.
(4) The average price of a gallon of regular gasoline is currently over $2.90, and exceeds $3 in many parts of the country.
(5) Since 2001, the median family income has not kept pace with the cost of living, and the price of a gallon of regular gas has increased over 100 percent.
(6) There have been 2,600 mergers in the oil and gas industry in the past decade.
(7) The profits of the oil and gas industry reached historic highs last year, including over $36 billion in profits for Exxon Mobil, the most ever for a single corporation.
(8) On March 14 of this year, the Senate Committee on the Judiciary conducted an antitrust oversight hearing on the effect of oil and gas industry consolidation on consumer prices, and at that hearing the chief executives of six major oil and gas companies stated under oath that they do not need additional incentives to conduct their businesses.
(9) The aggregate budget deficit of the United States for the period of fiscal years 2002 to 2011 is projected to total $2.7 trillion.
(b) Sense of the Senate.--It is the sense of the Senate that the Committee on Finance shall, within 90 days of the date of the enactment of this Act, report legislation that repeals the provisions of, and the amendments made by, subtitle B of title XIII of the Energy Policy Act of 2005.
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Senate amendment submitted
April 27, 2006