Carnahan calls for repeal of oil company subsidies
By Maria Hickey, KWMU
St. Louis, MO. – Missouri Congressman Russ Carnahan says last year's energy bill was too much of a boon for oil companies.
The first-term Democrat has introduced legislation to repeal subsidies and invest the money in bio-fuels.
"It just makes no sense to in this environment to be giving these almost $10 billion in tax subsidies at a time when they're making record profits," Carnahan said. "They don't need those benefits."
Carnahan also is proposing putting a windfall profit tax in place for at least a year.
He says that money could be used to help consumers at the pump by decreasing the federal excise tax.
The Democrat says he expects bi-partisan support for the measure because high gas prices are affecting everyone's constituents.