Energy SOS: Congressman Markey Proposes "Stop Oil Spills" Act
U.S. Representative Edward Markey (Democrat-Massachusetts) has introduced a new bill in Congress which would divert federal money away from oil subsidies.
The "Stop Oil Spills Act" [pdf] will fund research into new oil spill prevention and response technologies.
This legislation would not carry any new cost to the American taxpayer. Annually, it would take US$50 million in federal funds earmarked for oil and gas royalties which currently help subsidize the industry, and place it instead in the hands scientists, engineers, and oil spill response experts.
These specialists would use the funding to develop oil spill prevention and response technology that is sorely lacking for offshore oil drilling.
In a statement, Rep. Markey said, "As the big oil companies have continued to push the limits to drill ultra-deep, it has become painfully clear they have not kept pace with technology needed to make the drilling ultra-safe and to have any potential cleanup response be ultra-fast."
The proposal of Markey's SOS Act comes just weeks after Senators John Kerry and Joe Lieberman agreed to eliminate a provision in their climate and energy bill which would have stripped the oil industry of $35 billion in tax breaks.
Read the full story at The Select Committee on Energy Independence and Global Warming: Markey Introduces Oil Spill "SOS" Bill
Nathanael Baker is the Managing Editor of EnergyBoom. He has researched and reported on the issues of renewable energy, sustainability, and climate change for over two years. He has provided research to the New York Times and The Economist, as well as being published on different media outlets including, The Energy Collective.
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.
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