Menendez Amendments Promote Clean Energy, End Handouts for Big Oil

Menendez Amendments Promote Clean Energy, End Handouts for Big Oil


WASHINGTON, DC – U.S. Senator Bob Menendez (D-NJ) today filed three amendments to S. 2012, the Energy Policy Modernization Act, to promote clean energy, protect the environment, and end handouts for Big Oil. His filed amendments would close tax loopholes for Big Oil companies, prevent Atlantic offshore oil drilling, and eliminate a cap on oil spill liabilities for polluters. Menendez also plans to file an amendment to expand the Renewable Production Tax Credit to support New Jersey businesses. Additionally, Menendez cosponsored Senator Markey’s amendment, which was agreed on earlier today, that creates a GAO report on job losses due to the recent crude oil export ban repeal.

“Let’s focus on our clean-energy future and stop stuffing the pockets of Big Oil companies,” said Sen. Menendez. “These amendments prioritize renewable-energy options and incentivize less oil production. We need to once and for all put American taxpayers and creating a clean-energy workforce ahead of the interests of Big Oil companies.”

Menendez offered the following amendments to the energy bill:

  • Close Big Oil Tax Loopholes
    This amendment was filed by Menendez and Senators Markey, Mikulski, Whitehouse, Merkley, Murray, Nelson, Leahy, Cardin, Boxer, and Klobuchar; it would repeal tax subsidies for the "Big 5" oil companies and raises $22 billion in savings towards deficit reduction over ten years. This amendment mirrors Menendez’s Close Big Oil Tax Loopholes Act, which is co-sponsored by 19 Senators. (Download full amendment text here.)
  • Kill The Drill: Anti-Atlantic Offshore Drilling
    This amendment was filed by Menendez and Senators Warren, Booker, Mikulski, Markey, Blumenthal, Sanders, Whitehouse, Nelson, and Cardin; it would prohibit the U.S. Department of Interior from issuing leases for the exploration, development, or production of oil or gas in the North, Mid-, or South Atlantic Ocean. This amendment mirrors Menendez’s Clean Ocean and Safe Tourism (COAST) Anti-Drilling Act, which is co-sponsored by 11 Senators on the East Coast. (Download full amendment text here.)
  • Eliminate Oil Spill Liability Cap: Making Polluters Pay
    This amendment would hold big oil companies accountable for any potential oil spills by lifting the current cap on liabilities companies face. Federal law currently protects oil companies by limiting their spill liabilities – making them responsible for only up to $134 million in damages for offshore oil spills. This amendment would eliminate that cap. (Download full amendment text here.)

Menendez plans to offer the following amendment to the energy bill:

  • Expand Clean Energy Tax Credit
    This amendment will be filed by Menendez; it would allow existing waste-to-energy facilities to claim the Renewable Production Tax Credit (current eligibility is focused on new facilities). (Download full amendment text here.)

Menendez cosponsored the oil export ban study amendment:

  • Oil Export Ban Study
    This amendment was filed by Markey and Menendez; it requires a periodic GAO report on job losses within the shipbuilding and refining industry due to the repeal of the oil export ban in December 2015. (Download full amendment text here.)

###