House panel rejects SPR setaside
The House ways and means committee has rejected a proposal to tax the U.S. oil industry to fill the Strategic Petroleum Reserve. The plan, proposed by the House energy committee in its omnibus energy bill, would have required importers and refiners to place 1% of their volumes in the SPR. The goal was to fill the SPR, currently at 579 million bbl, at a 150,000 b/d clip toward a target 1 billion bbl. This paper reports that the oil industry lobbied hard against such a setaside, which it the would cost $2 billion/year. Ways and means voted it down 23-8. Now the house rules committee will consider whether to drop the SPR fill provision from the energy committee's bill or let the full House of Representatives decide the matter when the bill goes to the floor. In a separate action, ways and means voted 20-16 against giving the oil industry relief from the alternative minimum tax (AMT).
- OSTI ID:
- 5341754
- Journal Information:
- Oil and Gas Journal; (United States), Journal Name: Oil and Gas Journal; (United States) Vol. 90:8; ISSN OIGJA; ISSN 0030-1388
- Country of Publication:
- United States
- Language:
- English
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