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Tax break debate for oil companies

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    Why did Congress strike down president's push to end incentives?

  • Duration 5:10
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Obama's urging the American people to stand with him and and the tax breaks for oil companies -- yesterday the president said in the Rose Garden that people are getting hit.

Twice once at the -- but again by sending billions of dollars in tax subsidies to oil companies listen here with.

Record profits and rising production.

I'm not worried about the big oil companies.

With high oil prices around the world.

They've got more than enough incentive.

To produce even more instead of taxpayer giveaways to an industry that's never been more profitable.

We should be using that money to double down on investments in clean energy technologies.

That have never been more promising.

At the moment national average for gasoline almost four box across the country 393 right now in Michigan congressman Fred Upton.

Is that on this topic -- house energy and commerce committee sir good morning to you.

Morning bill quickly after that statement there is a vote on the other -- congress that was defeated with the help -- some Democrats what did you think -- the president was saying yesterday.

Well you know not only was -- defeated in the senate yesterday -- was actually part of the president's budget that we soundly defeated did two nights ago for fourteen to zero not a single Democrat.

Stood up and of course that was a major plank out of the president's budget but.

The bottom line is this.

We consume as a nation about eighteen million barrels a day of transportation fuels.

We only produce seven or eight million barrels so we want incentives to mean we we don't want to be so reliance on the Middle East.

We want more domestic resource is here if you take a lady and sent -- here.

They'll they'll go other places and make this even more dependent on foreign it is currently -- Would argue that money goes where it's welcome and and it is not welcome here is gonna find ways from harassment just take the president's argument that that that money -- that's now being subsidized -- The oil companies which by the way we did a bit -- research here.

The oil and gas companies receive tax breaks that.

That is the equivalent of what the government spends fifteen hours.

His argument is that you take the money away from the oil companies to give -- -- Green energy.

You like that idea.

Well remember when that wind doesn't blow in the sun doesn't shine you've got to have back up -- energy and a lot of that is.

Renewable wind and solar.

A lot of that it renewable energy.

He you've got to have the backup for that and frankly -- renewable energy sources are sometimes six or seven times higher.

In what it is for a clean coal or or even nuclear is he right to equates.

The fact that Americans are getting hit twice.

No I I I don't think so we we want and seminal to what little water what's the logic there that.

Well let's just look at this last year when we we produced a hundred million barrels less.

On federal lands in the year before.

They've stopped leases in -- colleague David essence said no to additional drilling permits in the golf.

It is responsible for a third of our oil that you look off the coast of Alaska where it took an act of congress actually.

To try and allow -- -- spent four billion dollars to trying drilled to test wells off the coast of Alaska.

-- they think it could be billions of barrels underneath.

Without those incentives they're gonna go someplace else don't we want to produce the energy here.

What Ed Henry's at the White House yesterday -- the press briefing.

Our fox correspondent.

He asked Jay Carney about the president's vote as a senator in favor of the oil subsidies.

On a play that for you -- to react after this ruling.

I haven't examined the vote or what the price is worth the time -- the whole bill that it was attached to what.

I know and what president knows is that.

This year 2012.

When you're seeing high prices at the pump high prices on the international -- oil market.

And record profits from the oil and gas companies there is no reason to continue these kinds of -- is just it.

Take that argument out to the people I don't think -- Go home what do you think of that argument.

-- what I think will you know they have they have a lot higher taxes in Europe and their opinion about eight or nine bucks a gallon.

We've seen China's report just yesterday China's.

Tripled -- oil consumption over the last ten years report today Japan because of that Fukushima.

They're using a lot more oil for electricity production.

So when you're a country that.

Who really has to import quite a bit of oil -- for transportation.

Is world demand begins to increase as it's doing now.

There's only -- one thing that happens that means that the price at the pump is gonna go off.

And we're more than twice as hot as when the president took office in you can't continue to say -- -- and all of the above strategy is this administration -- done without really tough consequences that are.

Truly impacting.

Millions of Americans across the country and all it.

Particularly lower middle income and many times they feel on the weekend because that's when the -- and -- it up and -- Thursday and today.

From the -- thank --

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