Continues "50 Days, 50 Ways to Cut Federal Spending"
(Hillsboro) Hillsboro Republican Grant Bosse today called for an end to corporate welfare on Day 2 of his “50 Days, 50 Ways to Cut Federal Spending” Initiative. Bosse wants to end the Oil and Gas Research and Development Program, which funds research into new industry technology already undertaken by the private sector.
“Oil and gas companies have all the incentive in the world to improve their own technology,” Bosse said. “They don’t need taxpayers funding that research for them.”
Rather than fund corporate research, Bosse’s Energy Plan would open up American territory for more oil and gas exploration, as well as ending taxpayer subsidies for oil and gas companies. The Oil and Gas Research and Development Program provides taxpayer-funded research into close-to-market innovations like more efficient drill motors. The program costs taxpayers $25 million a year. Since this technology promises an immediate financial return, it should be paid for by the companies that would profit for these advances.
“A review of this program since 2003 failed to demonstrate any concrete results,” Bosse added. “Corporate welfare is wrong. Ineffective corporate welfare is inexcusable.”
Thus far, Bosse has proposed more than $6.3 Billion in specific spending cuts. To learn more about Bosse’s aggressive grassroots campaign, go to www.Bosse2008.com.