The Tides Are Turning: Obama to Increase Taxes on Offshore Drilling
Articles — By forcechange on February 26, 2009 10:16 am
Offshore drilling would become more expensive under President Obama’s proposed budget. The proposal would levy “a new excise tax on offshore oil and gas production in the Gulf of Mexico to close loopholes that have given oil companies excessive royalty relief.”
Additionally, new revenues, along with funds from the stimulus bill, would be directed towards clean energy research and development. The proposed budget calls for “significant increases” in spending for renewable energy, carbon sequestration, and power transmission projects. The stated goal of these measures is to position “the United States as the world leader in climate change technology.”
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