Breaks for oil companies?

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I have been reading about and hearing Republican lawmakers scolding oil companies about high prices. I have heard, and applauded, their threats to investigate price-gouging and windfall profit taxes.

Now I learn that, in actuality, House Republicans are working behind the scenes to protect some $5 billion in tax loopholes for those same oil companies. Just one more example of Republican leaders professing in public to do the right thing for the people while privately promoting laws that favor rich individuals and corporations.

At issue is a tax bill aiming to extend tax cuts for the wealthy passed in Bush’s first administration. The Senate version includes revisions in some tax accounting rules which allow oil companies to grossly underestimate the value of their inventories. House Republicans, with support from President Bush, are battling to prevent the changes.

Joyce White, Stoneham

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