Americans hate taxes. Why else would McCain, Clinton and Obama all have tax-cuts as part of their presidential platforms? But the House of Representatives won't have to worry about backlash from their constituents for repealing tax breaks -- and few Americans will be shedding a tear for the prosperous oil industry -- after lawmakers voted yesterday to repeal billions in subsidies

The bill passed easily, 236-182, likely aided by record high prices, as oil hit $102 per barrel yesterday. The legislation revoked subsidies for oil companies, worth over $18 billion over 10 years, and instead allocated that money to extend renewable energy tax credits that are set to expire this year, and offer new credits for energy efficient changes made to homes, plug-in hybrid-electric vehicles, and fund renewable energy bonds to fund clean energy investments by rural electric co-ops.

House Republicans and the White House bristled over this unfair treatment of the oil industry, claiming it will reduce their incentive to look for new oil and gas deposits in the U.S. Looking out for your best interest, Republicans also claimed that consumers would have to pay even more at the pump. The reality is that the repealed subsidies will cost the 5 biggest oil companies 2 percent of their revenue, and even if they try and pass that on to the consumer, it won't cost us more than one penny per gallon.

Anyway, the GOP ought to go check their notes, since two years ago, back when oil was only $55 a gallon, President Bush said that subsidies for oil and gas exploration were no longer necessary.

In an eloquent defense of the wronged, Rep. Jim McCrery (R-LA) said the bill, "Punishes the oil and gas industry. This is wrongheaded. It's spiteful and wrong."

The bill is expected to face tougher opposition in the Senate, where it had previously fell one vote short of the 60 votes needed to block a fillabuster, so leaders will wait until after the March 4 primaries to introduce the legislation.

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