Senator
Tom Carper (D-Del.) has proposed a tax credit for oil refiners to be
added to legislation that would lift the decades-long ban on crude oil
exports. This double-subsidy deal for the oil industry during
international climate negotiations belies Carper’s claimed concerns
about climate
change
but would benefit Delaware
refineries.
Politico’s Elana Schor reports that Carper wants “a narrowly crafted tax credit that would particularly help the East Coast refiners with the most to lose if producers can sell their product overseas. The credit, which large, integrated oil companies could not collect, would also spread some love among refiners in California and the Gulf Coast, creating a large band of members of Congress who might be willing to back it. Sources tells Elana that oil patch Senators are likely to push back hard on Carper’s proposal.”
Download the draft Carper oil-refiner tax-credit language, or see below.