Future oil-company revenues in the United States took a blow late Thursday, as the new Democrat-lead House of Representatives passed the Clean Energy Act, which “rolls back subsidies and tax breaks for Big Oil”, the House speaker said.
Parliamentary Speaker Nancy Pelosi’s words bode ill for profits, though they appear to usher in a new era of U.S. energy policy.
“Today’s vote represents the first step toward a future of energy independence,” Pelosi said.
By rolling back $14 billion in subsidies at a time of “record profits” and investing the money in “renewables”, energy efficiency and new fuels, Democrats hope to end the country’s dependence on foreign oil.