Interesting AP article today: Dems Take Aim at Oil Industry Tax Breaks:
House Democrats are targeting billions of dollars in oil company tax breaks for quick repeal next year….
[T]he tax benefits are ones that lawmakers talked of repealing this year when Congress struggled to respond to the public outcry over soaring summer fuel prices and oil companies’ huge profits. Topping the list for repeal are:
- Tax breaks for refinery expansion and for geological studies to help oil exploration.
- A measure passed two years ago primarily to promote domestic manufacturing. It allows oil companies to take a tax credit if they chose to drill in this country instead of going abroad.



