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Senate Blocks Bill Repealing Oil Tax Breaks

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    Sen. Mary Landrieu weighs in

  • Duration 3:35
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People across Louisiana forced to leave their homes as the Mississippi River continues to rise of the flooding.

Also hurting businesses after shipping traffic on the river was put on all.

And a financial impact on the state could be great joining us right now is the democratic senator from Louisiana senator Mary Landrieu thanks so much for joining us senator.

-- could you tell us about the flooding thanks what can you tell us about the flooding today.

As of two days -- you are optimistic.

Well it's a challenge I mean it across the whole United States this Mississippi River is really an extraordinary.

Asset but it can also be challenging at times like this it.

And it drains 31 states it drains about 40% of the entire time and all that water right now is coming through Louisiana causing flooding.

-- farmlands people are having to leave homes.

The only positive thing I can say is that the system that's been built by the American taxpayer.

Thirteen billion dollars invested that way and a little bit more so yeah 1927.

Seems to be working hand in hand in the sense of holding.

The catastrophic.

To a minimum.

And it's saved about 300 billion dollars so wise investments in strong levees systems and flood control he seems to be working but still Brian we have a lot of people that have been affected.

In a negative way.

Right way to -- and I and that and you have to give a lot of balls in the air while you look at the flooding are also worried about oil subsidies you've broken your party along with senator Ben Nelson.

Consider baggage from Alaska and said I am not for eliminating the tax breaks for the all companies.

Why did you do that.

Well there a couple of facts that I think people should know first of all of all the energy subsidies that the federal government gives out to many different industries.

By the oil and gas large oil and gas companies only -- 13% of those subsidies but we produce they produce.

60%.

Of the energy for the country number two.

The tax rates for the largest five companies.

-- 35 to 40% higher than almost any other industry sector in the country.

And number three.

Taxing them or taking away these subsidies which are available to other industries will not lower the price at the pump I want -- right so that's quest that I thought this was theater and not serious now.

When we reform the tax code which we most certainly need to do.

Then we need to throw all of that on the table and consider it but to pick them out an industry that employs nine point two million people in America thought was the wrong thing to do.

And you know I broke from a party on behalf of what I thought was the best and most certainly from my state -- -- oil and gas producing states of this nation.

It took a lot of courage and -- the president over the weekend said I'm gonna open up some leases in Alaska on the Gulf Coast and the explore in the Atlantic.

Others say I want to see action do you believe that the president's change gears and is suddenly willing to.

-- Well actions will speak louder than words I want to commend the president for at least stating that he wants to see more domestic drilling.

But we're still virtually under a -- -- him in the Gulf of Mexico there's only been one.

New well permit given in the last you know year and three months.

So when the permits start flowing then we will know that this administration serious until then we're gonna keep the pressure up.

And -- I just think about all those people just waiting to work if we could just let them work and let them drill.

And then that would affect gas prices -- the short certainly in the long term.

Let's be -- a little cinnamon absolutely and thanks so much for standing up for the people -- Louisiana and those who looking to drill meanwhile move it up straight ahead.

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