News Column

GOP's 'Energy Week' is Just Another Corporate Giveaway

June 26, 2014



WASHINGTON, June 26 -- Rep. George Miller, D-Calif. (11th CD), issued the following information:

The House Republicans' energy bills week fail to address America's energy and environmental and economic needs. Instead, they are just another giveaway to special interests like Goldman Sachs and BP. That makes this Energy Week one big:

Republicans brought another package of energy-related bills to the House Floor this week. And like always, the Republican bills are nothing more than a giveaway to America's biggest oil and gas corporations and Wall Street banks. That's why I rate this week's action in the House a big "Fail." Will their bills bring down energy prices? No. Just the opposite. In fact, one bill one bill would make it easier for Wall Street companies like Goldman Sachs to bet on oil and gas prices and drive costs up for consumers at the pump. Even Goldman Sachs itself has found (http://www.cnn.com/2012/02/28/opinion/sanders-gas-speculation/) that excessive speculation can drive oil prices up by 40%. The bill would water down the Commodity Futures Trading Commission's proposed rule to limit excessive speculation in oil and gas markets by creating a huge loophole that would allow big banks to evade those limits by misclassifying speculative trades as "management of...anticipated risks." Will their bills help grow our green economy? No. Important tax credits that help solar, wind and other renewable energy producers expand their infrastructure and help create jobs in California and across the nation expired at the end of 2013 (http://www.windenergyfoundation.org/policy/federal). Despite strong support for renewing these credits, the House has so far failed to extend these vital tax credits. Green energy jobs are crucial to California's economy--there are over 50,000 solar-related jobs (http://www.utsandiego.com/news/2014/Feb/11/solar-jobs-fifty-thousand/) in our state alone--yet this package does nothing to sustain or grow the burgeoning renewable energy sector. Will their bills address the threat of climate change? No. Despite a new report out this week (http://riskybusiness.org/uploads/files/RiskyBusiness_PrintedReport_FINAL_WEB_OPTIMIZED.pdf) that finds that climate change could result in "large-scale losses of coastal property and infrastructure...extreme heat across the nation...and up to a 50% to 70% loss in average annual crop yields," the bills in this package do nothing to address the threat of climate change or mitigate its impacts. Instead, the bills encourage more oil and gas drilling that will lead to higher carbon emissions. Will their bills protect the environment? No. One bill would prioritize oil and gas development over "any other uses of America's public lands, be they conservation hunting, hiking, wildlife habitat or historic preservation (http://www.sierraclub.org/compass/2014/06/its-dirty-energy-week-house-representatives)." It would also encourage the expansion of offshore drilling, despite the fact that no new laws to mitigate the risks of offshore drilling have been signed since the BP oil spill in eh Gulf of Mexico.

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Source: Targeted News Service


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