Senate Democrats

As Big Oil Rakes In Big Profits, Republicans Again Block Incentives For Investing In Renewable Energy

Washington, DCSenate Majority Leader Harry Reid made the following statement today after Bush-McCain Republicans again blocked tax incentives for investing in renewable energy, the same day that BP reported a 28 percent rise in its second-quarter profit – far exceeding expectations – and oil and gas prices continued to rise:

“On the day when Big Oil’s profits soared again, Bush-McCain Republicans continue to put Big Oil’s bottom line and Wall Street traders ahead of the interests of the American people.

“Republicans voted against putting money back in the pockets of hard-working middle-class Americans suffering from record-breaking gas prices.  This is the third time this year Republicans have said no to creating incentives for innovators to invest in alternative energy sources, which would also create good-paying jobs here at home and begin to break our dependence on oil and move the nation toward clean, affordable and renewable fuels.

“Bush-McCain Republicans can run, but they cannot hide.  This will not be the last time we bring this issue to the Senate floor.”