With taking control of Congress Democratic lawmakers seem to come heavy on oil companies as they are planning to roll back energy tax breaks and place a new royalty payback plans. This move in its all probability will certainly unsettle U.S. oil companies as it would cost them billions of dollars. D[...]
Posts Tagged ‘Tax Breaks’
June 30th, 2012 - 11:04 am § in News Of Economy
US Congress votes to withdraw Tax Breaks for oil companies
Democrat controlled U.S. Congress has finally passed legislation that would withdraw $14 billion in tax breaks and subsidies given to oil drillers. The money will now be used to develop alternative energy projects and conservation technologies. However, the Bush administration has criticized the bil[...]