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Klobuchar Blasts Massive Oil Profits

Says record energy prices show need for investment in renewable energy and an end to oil tax loopholes

April 1, 2008

Washington, D.C. – U.S. Senator Amy Klobuchar said today that soaring gasoline prices and oil company profits are proof that the country needs to reduce its dependence on foreign oil and increase production of clean, renewable fuels.

Klobuchar’s remarks came on a day when executives from the five biggest U.S. oil companies testified on Capitol Hill about oil prices that have topped $100 per barrel for several weeks. Gasoline set a record of $3.29 per gallon this week and U.S. oil companies recorded a profit of $123 billion in 2007.
 
“It’s time to stop the tax giveaways to big oil and invest that money in homegrown, renewable energy,’’ Klobuchar said. “Renewable fuels can save money for consumers and wean us from foreign oil, while also creating new jobs and reducing our greenhouse gas emissions.’’

In February Klobuchar introduced the American Renewable Energy Act, which would create a tax credit for the production of cellulosic alcohol, part of the next generation of renewable biofuels, and a new credit for the purchase of plug-in hybrid vehicles. The bill would also extend tax incentives for investments in renewable fuel sources such as solar power and wind energy. Klobuchar’s legislation would pay for those incentives by closing tax loopholes currently enjoyed by oil production companies.

The bill was co-authored by Senator Olympia Snowe (R-ME) and Senator Maria Cantwell (D-WA).

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