continued>>by putting a handful companies at the mercy of competitors across the globe.

Even more outrageous, foreign oil companies, including Citgo, owned by the government of Venezuela, will not lose the deduction. In other words, foreign oil companies with US production will actually pay a lower tax rate than American companies. How can members of Congress support legislation that will reward companies such as Citgo, while placing U.S. companies at a competitive disadvantage? In their zeal to punish "big oil" members of Congress have made a mockery of our energy policy.

What few in Congress have talked about is that millions in subsidies will go to large and successful companies. These companies have been at the forefront of the lobbying campaign for this legislation. So despite all the talk of promoting renewable and alternatives, it's nothing more than another congressional debacle to transfer wealth to favored interest.

Revisiting the mistakes of the 1970's..........