With the administration's current energy bill stalled again in the Senate, the oil and gas industry is seeking to grab another $2 billion in tax credits through passage of the upcoming JOBS Act, to which a rider, "Section 29," is attached, that gives most of that money to the coalbed methane companies. The energy group hopes the Senate will pass this bill because its primary purpose is jobs creation.
It's absurd to grant more subsidies to a very profitable (and often environmentally destructive) industry that is accelerating its development of new gas wells in Colorado because the price of natural gas already is soaring. These subsidies will not reduce the rising cost of natural gas, but, in fact, they probably will increase it.
Readers should consider calling our Colorado senators, Allard and Campbell, to object to still another giveaway of public money (Section 29 of the JOBS Act) where it is obviously not needed or deserved.
The number at the Capitol is (202) 224-3121.