Udall supports tax break repeal for big oil corps
DENVER — Colorado Sen. Mark Udall says a bill that would potentially repeal tax breaks for big oil companies is more an issue of deficits than energy.
Udall said today taxpayers can’t afford the breaks with the debt spiraling out of control.
He would prefer to see a comprehensive energy plan addresses renewable electricity standards and energy efficiency. But Udall said when the bill comes up in the Senate he will support it.
The bill is a Democratic response to prices more than $4 a gallon in many parts of the country. Supporters say gas companies wouldn’t miss tax breaks that average about $2 billion a year.
Opponents say the tax increases would do nothing to lower prices.