In February the House passed the Renewable Energy and Energy Conservation Tax Act, or H.R. 5351, which would repeal the $18 billion in tax breaks for multinational oil companies. The bill would create tax breaks for producers of renewable energy, fuel, and electricity. The bill needs Senate approval.

During a speech while the House debated the bill, U.S. Rep. Jay Inslee (D-WA) said, "We're wrapped around the axle of oil because of these tax subsidies. It's time to change course. We're ready to launch a rocket of clean-energy innovation in this country, but opponents of these clean-energy investments are putting a hold on the countdown. We're about two seconds away from having a burst of economic growth in this county. If they allow these tax breaks to expire, it'll strangle the birth of new industries."

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"With oil prices and oil company profits breaking records, the big five oil companies-BP plc, Chevron Corp, ConoccoPhillips Inc, ExxonMobil Corp., and Royal Dutch Shell Group-could easily afford to give up this tax loophole. It is a paltry amount compared to the $123 billion in profits they made last year-nearly $230,000 in profits per minute. And when oil is over $100 per barrel, they shouldn't need any incentives to drill for more," Daniel Weiss declared in an article for the Center for American Progress.

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In 1999 the government created guaranteed loans of up to $10 million for eligible oil and gas producers. The loans are financed through private banking and investment institutions, but are guaranteed by federal taxes, "making liable for up to $500 million should the companies default," according to the SEC report, and "that number jumps to $600 million if the administrative costs associated with the program are included.

Over $400 million of overseas refinery taxes are subsidized by federal taxes "which increases refinery capacity overseas rather than within our own borders," the SEC report stated.