Organizers in the Land of Enchantment
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High Gas Prices
New Mexicans are tired of struggling to pay nearly $4 per gallon for gas. Even worse is the fact that the oil and gas industry made $137 BILLION in pure profits (see chart below) last year AND got more than $4 billion dollars in tax breaks (see table at bottom of page).
That means we pay the oil companies twice - we pay ‘em at the pump AND we pick up their bill on Tax Day - when we cover their $4-billion-dollar tax break.OLÉ is asking New Mexicans who are tired of paying twice for high gas prices to call candidates for Congress to ask them to pledge not to support Big Oil tax breaks.
You can begin by thanking Representatives Martin Heinrich (505-554-1623) and Ben Ray Lujan (505) 984-8950,), as well as Senators Tom Udall (505) 346-6791) and Jeff Bingaman (505-346-6601) for their records of voting against Big Oil tax breaks. You can reach other candidates to ask them to pledge to cut Big Oil tax breaks at the following numbers:
Heather Wilson (U.S. Senate candidate): 505-899-2009
Representative Steve Pearce (CD 2 candidate): 855-4-PEARCE (732723) or (202) 225-2365.
Evelyn Madrid Ehrhard (CD 2 candidate): (575) 524-0803
Janice Arnold Jones (CD 1 candidate): 1-855-311-2547
Michelle Lujan Grisham (CD 1 candidate): (505) 242-3511
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Big Oil Tax Breaks
| Specific Tax Break | Total Cost 2012-2021 (In millions of dollars) |
| Expensing of Intangible Drilling Costs | 12,447 |
| Repeal Deduction for Tertiary Injectants | 92 |
| Repeal Exception to Passive Loss Limitations for Working Interests in Oil and Natural Gas Properties | 203 |
| Repeal Percentage Depletion for Oil and Natural Gas Wells | 11,202 |
| Repeal Domestic Manufacturing Tax Deduction for Oil and Natural Gas Companies | 18,260 |
| Increase Geological and Geophysical Amortization Period for Independent Producers | 1,408 |
| Total, Tax Break for 2012-2011 based on Current Law | 4,361 |
| Total Annual Tax Break based on Current Law | 4,361 |
Pearce Votes on Big Oil Subsidies
| Date | Bill | Description | Pearce vote |
| 2/18/11 | HR1 | Amendment to repeal $53 billion in oil subsidies due to royalty free leases | No |
| 3/1/11 | HJRes44 | Motion to Recommit offered to prohibit Big Oil companies from getting subsidies | No |
| 4/15/11 | N/A | Progressive Budget: The Economic Policy Institute analysis shows this budget repealed key giveaways to oil companies | No |
| 4/15/11 | N/A | The Ryan budget does not specify an end to the oil subsidies outlined above. | Yes |
| 5/5/11 | HRes245 HR1230 HR1229 |
Motion to order the previous question offered to cut off possible consideration of a bill to end subsidies for large oil companies (sponsored by Bishop-NY) | Yes |
| 5/11/11 | HR1229 | Amendment requires renegotiation of royalty free leases in order for new leases to be issued | No |
| 2/16/12 | HR Amendment 949 to HB 3408 | Amendment requires renegotiation of leases for drilling on public lands that are defective because they do not require payment of royalties. | No |
| 3/29/12 | N/A | The 2012 Ryan budget also did not specify an end to the oil subsidies outlined above. | Yes |
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