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End Oil Aid Explained June 5th, 2007
H.R. 1886, introduced by Representative Maurice Hinchey on April 17, 2007 and referred to the Committee on Financial Services and the Committee on Foreign Affairs, would end the use of foreign assistance funds to subsidize the operations of oil and gas companies.
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End to U.S. Oil Aid Supported by Oblate JPIC Office June 5th, 2007
The Oblate JPIC Office has joined faith and environmental groups in urging Members of the US House of Representatives to cosponsor H.R. 1886, the End Oil Aid Act. This bill, introduced by Rep. Hinchey (D-NY), would limit U.S.-funded international financial institutions and export development agencies from subsidizing the oil and gas industry’s overseas operations.
Each year, financial institutions including the World Bank, the Overseas Private Investment Corporation (OPIC) and the Export-Import Bank (Ex-Im) provide billions of dollars to the oil sector. This oil aid subsidizes an already-profitable industry, including companies such as ExxonMobil, Halliburton, and Chevron, which have recently reported record profits.
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