Democrats Plan Renewable Energy Fund Paid For by Big Oil

House Democrats in the first weeks of the new Congress plan to
establish a dedicated fund to promote renewable energy and conservation, using money from oil companies.

That's only one legislative hit the oil industry is expected to take
next year as a Congress run by Democrats is likely to show little sympathy to the cash-rich, high-profile business.

"What we'll do is roll back the subsidies to Big Oil and use the
resources to invest in a reserve for research in alternative
energy," Pelosi, a California Democrat, recently told reporters.

Details of a renewable fuels fund have yet to be worked out.
Nonetheless, it's one of the initiatives the House will take up
during its first 100 hours in session in January, according to
aides to Speaker-elect Nancy Pelosi. At least some of the money
— revenue gained by rolling back some tax breaks — will go to
a program to support research into making ethanol from sources
other than corn.


SOURCE:
Seattle Times

This is very interesting, and pretty exciting to hear.

I, on many issues, side with the democratic side, but that does'nt
make me a Democrat, so that said, lets not turn this into a polit-
ical mud-fight, and focus on the initiative, not what political party
is making it or backing it.

It's about time that this happens, though it most likely be as much
as I would personally like to see, the sheer fact that it's happening
is enough for the time being.


Comments, Opinions?

Like everything else that has to do with corporate America and the big oil interest that spend millions on lobbyist in Washington, this one I will have to wait and see how is going to make it.

I have lost faith on our political system our politicians keeps talking about renewable fuel but nothing has come out of it so far.

Will legislation make it happen? or is just another of those things that is only all talk and show but no action.

I wonder.

I too believe this is just a shakedown of the oil industry. The oil lobbyist will flood the congress with lots of money and free dinners and probably hookers and such, and the congress will let them keep right on doing the things they are doing. The oil industry coughs up a few million bucks and nothing changes.

We have the most corrupt government this nation has ever seen.

I also think this is a move in the right direction, however, the big rich oil companies are owned by anyone who owns stock in them, which are millions of ordinary people. Many pension funds will lose money when the Pelosi gang goes after the oil companies, and who are the beneficiaries of pension funds? Well, it’s the working classes; those working class people that expect to retire someday with a pension. That can only happen if the companies are solvent and rich, broke companies contribute nothing to pension funds.

A better way would be to raise the taxes at the gas pump, but that would look bad for the dems and they will not do that, it looks far better if they go after the rich oil companies; after all, that’s why they were voted into office.

Unfortunately as long as gas is cheap and it is cheap, there will be little progress in alternate energy, and furthermore, the development of good electric cars will be pushed back further into the future.

Originally posted by sleeper
I also think this is a move in the right direction, however, the big rich oil companies are owned by anyone who owns stock in them, which are millions of ordinary people.

Perhaps the ordinary people should demand that CEOs bonuses and gifts should be used to maintain their pension funds.

Or to be use as incentives for the pursue of alternative oil, no our tax payer money.

What you think.

Originally posted by marg6043

Perhaps the ordinary people should demand that CEOs bonuses and gifts should be used to maintain their pension funds.

Or to be use as incentives for the pursue of alternative oil, no our tax payer money.

What you think.

Hi margo

I believe that what people do with their money is up to them, including CEOs, this is still a free country. I have no pensions and will depend solely on social security---if it’s still around when I need it.

Maybe I should ask that all pension funds become community property, and divided up equally with those that don’t have pensions. That would go over real well for those with pensions don’t you think?----

Everyone likes wealth redistribution as long as they are on the receiving end---try muscling in on people’s pensions and you will get a lesson on compassion real quick

Originally posted by sleeper

Everyone likes wealth redistribution as long as they are on the receiving end---try muscling in on people’s pensions and you will get a lesson on compassion real quick

I have no compasion for the oil barons that run our nation.

But I feel angered how many incentives are given to oil companies with our tax payer money so they can keep making record profits.

When it should be the other way around, they give nothing to the comunity.

What you think.

The WHOLE reason for high gas prices at the pump is that the government interferes with the free market in oil.

The government will not allow ANYONE to build a new refinery in the USA, siince 1976. 5 state-of-the-art refineries could seriously lessen air pollution in the USA, but congress won't allow it. And the new refineries would be far more efficient than our oldest refineries, some of which were built in the 1930's. !

If you actually look at where exxonmobil made those "obscene" profits, they actually made most of the money from refining operations in Africa, not the USA. EM has actually talked about spinning off the US division as a big money loser.

They are building refineries in africa, where people want jobs and clean refineries, and shipping the finished product into the US and Europe.

The politicians simply cannot understand that profit is not evil. If you attack everyone who makes a profit, eventually they will stop, or leave your nation and go abroad.

The CEO's only get paid what the shareholders VOTE for them as a salary. It is the right of the shareholders to do so. Why does Congress imagine that it, the govt, is wiser than the people whose money is actually at stake?

Once again, politicians are telling you whom to blame for your misery, and if we just punish the rich, your life will be better. The desire to get rich is what makes the economy run. You stifle people trying to get rich, and you'll stifle economic activity.

And you STILL wont get alternative fuels. Govt research is rarely productive. The real research that pays is funded by . . . that profit motive.

Politicians can't create wealth, prosperity, or innovation. they don't create anything, but more power for themselves.

.

Originally posted by dr_strangecraft


Politicians can't create wealth, prosperity, or innovation. they don't create anything, but more power for themselves.

.

While taking money from taxes and giving them for incentives, remember who runs America and who is behind our government and within the government.

So the US government is allowed to subsidize Oil and not Alternatives now? It's funny how libertarians/conservatives always fail to decry that point.