2008 Woodie Awards
Help not enough, people still hurting at pump
Karina Sendayen
Issue date: 4/21/08 Section: Opinion
The companies argue that they are already contributing to alternative projects and that any new taxes may raise gas prices even further.
Rep. Markey is unimpressed by this argument. He says that the oil companies are getting billions of dollars in federal subsidies, but at the same time they are reporting profit records by the billions of dollars.
So far, the House of Representatives has approved legislation that would end tax breaks for the oil companies in order to use the revenues for alternative energy projects. The measure has not yet passed the senate.
On the upside, Chevron has contributed $2.5 billion on alternative fuel projects since 2007, and BP America plans on spending $30 billion in the next five years researching solar panel technology.
It's comforting to know that some are taking the initiative to help curb oil consumption and lower gas prices, but in the meantime, familiar frustration can still be found at the pumps.
John Rice, 54, owns a 2007 Civic and he is furious. "I bought this car because of its mileage, but with the hiking gas prices, I might as well just buy a bicycle," he said, "It's ridiculous, absolutely ridiculous."
Rep. Markey is unimpressed by this argument. He says that the oil companies are getting billions of dollars in federal subsidies, but at the same time they are reporting profit records by the billions of dollars.
So far, the House of Representatives has approved legislation that would end tax breaks for the oil companies in order to use the revenues for alternative energy projects. The measure has not yet passed the senate.
On the upside, Chevron has contributed $2.5 billion on alternative fuel projects since 2007, and BP America plans on spending $30 billion in the next five years researching solar panel technology.
It's comforting to know that some are taking the initiative to help curb oil consumption and lower gas prices, but in the meantime, familiar frustration can still be found at the pumps.
John Rice, 54, owns a 2007 Civic and he is furious. "I bought this car because of its mileage, but with the hiking gas prices, I might as well just buy a bicycle," he said, "It's ridiculous, absolutely ridiculous."
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