| WASHINGTON,
D.C. – U.S. Representative Jan Schakowsky (D-IL) said today that she was
not surprised that Republicans passed an energy bill, H.R. 4, that provides
no real relief to consumers, while guaranteeing billions of dollars in
taxpayer subsidies to big oil and big gas.
Schakowsky
pointed to a report released by the Democratic staff of the Government
Reform Committee which found that the same energy companies that gave millions
in campaign contributions last election will receive billions of dollars
in tax breaks and subsidies in H.R. 4. Included in the bill is a
total of $36.4 billion in tax breaks and subsidies for oil, gas, nuclear
and electric utility industries. During the 2000 election cycle,
these industries donated or “invested” $69.5 million. The rate of
return on this investment is 52,200%.
“President
Bush and Republicans shamelessly pander to their constituents, or should
I say their investors, at the expense of consumers, Medicare, the environment
and a long term sustainable energy policy. H.R. 4 is a heck
of a return on an investment made by big oil and big gas in the last election,”
Schakowsky said.
“President
Bush and Republicans in Congress will have to raid the Medicare Trust Fund
to pay for the of tens of billions of dollars in tax breaks to their friends
in big oil and big gas. Seniors, who can’t afford to pay their heating
bills or fill up their cars, will now have to worry about their Medicare
benefits,” Schakowsky added.
Consumers
in the 9th Congressional District and throughout the nation have seen their
energy bills double and triple over the past two years, while industry
profits have soared. Schakowsky and her Democratic colleagues support
initiatives to bring immediate relief to consumers; to improve energy efficiency;
to expand renewable energy; and to increase investments in conservation
and alternative energy. In addition, they support the emergency funding
to help low- and fixed-income families meet the rising cost of home heating
and cooling bills.
Schakowsky
concluded that it is inexcusable for President Bush and Republicans to
raid Medicare on behalf of big oil at the same time the industry is enjoying
record profits, while ignoring the immediate needs of families. The
Wall Street Journal reported on June 30, 2000 that Royal Dutch/Shell
Group “was pumping out about $1.5 million in profit an hour and sitting
on more than $11 billion in the bank.” |
