Congress Eyes Tax Break for Oil Refiners as Paris Talks Heat Up
- Negotiations on lifting oil-export ban includes refiner break
- Renewable energy breaks also on the table in discussions
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As diplomats in Paris try to secure an international agreement to rein in carbon pollution from fossil fuels, lawmakers in Washington are pushing a tax break for oil refiners as part of a compromise allowing unfettered crude-oil exports for the first time in 40 years.
Senator Tom Carper, a Delaware Democrat, proposed a tax credit of up to $3 a barrel to independent refiners that would be harmed if Congress abolishes U.S. crude-export restrictions. A separate proposal would increase the manufacturing tax credit refiners can collect. Critics say the idea would double-up benefits to the oil industry, when Congress should instead be taking steps to curb the production and use of the fuel.