Washington, DC –  Today, a draft of a report authored by the independent Government Accountability Office cites nearly $53 billion dollars in unpaid royalty payments for deep water oil drilling in the Gulf of Mexico.  The tax giveaways stem from the Deep Water Royalty Relief Act passed by the Republican-led Congress in 1995. 

"Upstate New Yorkers are being squeezed by an economic downturn and rising fuel and food prices," said Congresswoman Gillibrand, a Member of the House Armed Services Committee.  "This report further illustrates the need to rollback these huge giveaways and move America forward on a path towards independence from foreign sources of energy and reinvest in new renewable technologies that can be cultivated right here in the U.S."

Congresswoman Gillibrand has been a leader in Congress, fighting for immediate relief for the American people and our nation's long-term energy security.  The Congresswoman led the effort to call for a temporary suspension of future purchases to the Strategic Petroleum Reserve in order to keep more oil in the market.  On May 13, the Congresswoman voted in favor of legislation that made this proposal law. 

One of first pieces of legislation the Congresswoman supported, the Clean Energy Act, rolled back these tax giveaways and invests billions of dollars in research and development of these new energy technologies.  The White House has threatened to oppose any measure that would end the tax giveaways passed in 1995 and extended by the Administration in 2005. 
Congresswoman Gillibrand continues to advocate for our long-term energy security through investment in new energy technologies and expansion of clean, renewable energy sources that will not only bring consistency to the energy market, but will also revitalize our manufacturing and agricultural base, creating "green collar" jobs in Upstate New York. 

"I believe that Upstate New York will be a market leader in the development of these new technologies and will play a pivotal role in our economic expansion by achieving energy independence.  Our region is blessed with not just the natural resources that can create energy through solar, wind, hydroelectric, and geothermal power, but we also have the creativity and innovation to lead the region in the development of non-food based biofuels, fuel cell technology and energy efficient building and product manufacturing."