Democrats seek to slash subsidies for “Big Oil”

Senate leaders want to eliminate billions of dollars worth of tax breaks for energy companies

Topics: Budget Showdown, Energy, U.S. Senate,

Democrats seek to slash subsidies for "Big Oil"Senate Majority Leader Harry Reid, D-Nev. pauses during a news conference on Capitol Hill in Washington, Friday, April 8, 2011, after meeting with the Senate Democratic Caucus. From left are: Sen. Joe Manchin, D-W.Va., Sen. Charles Schumer, D-N.Y., Reid, and Senate Majority Whip Richard Durbin of Ill., Sen. Thomas Carper, D-Del., Sen. Robert Menendez, D-N.J., and Sen. Patty Murray, D-Wash. (AP Photo/J. Scott Applewhite) (Credit: AP)

Democrats running the Senate are seeking to take away tax breaks that pad the profits of the five biggest oil companies by $2 billion a year and use the money to attack the spiraling deficit.

The new legislation would cut off immensely profitable companies like Shell Oil and Exxon Mobil from subsidies like a deduction originally aimed at boosting manufacturing. The top five oil companies have booked profits of $36 billion in the first quarter of this year alone.

New Jersey Democrat Robert Menendez acknowledged that the legislation — slated for a vote next week — won’t do anything about gas prices that now exceed $4 a gallon in many places.

Republicans are expected to filibuster the bill. They say the companies would raise prices if the measure became law.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 11
  • Close
  • Fullscreen
  • Thumbnails

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott and the friends with whom he recorded in middle school in Texas (photo courtesy of Dan Pickering)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Heatmiser publicity shot (L-R: Tony Lash, Brandt Peterson, Neil Gust, Elliott Smith) (photo courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott and JJ Gonson (photo courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    "Stray" 7-inch, Cavity Search Records (photo courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott's Hampshire College ID photo, 1987

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott with "Le Domino," the guitar he used on "Roman Candle" (courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Full "Roman Candle" record cover (courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Elliott goofing off in Portland (courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    Heatmiser (L-R: Elliott Smith, Neil Gust, Tony Lash, Brandt Peterson)(courtesy of JJ Gonson photography)

    "Roman Candle" turns 20: Secrets of Elliott Smith's accidental masterpiece (slideshow)

    The Greenhouse Sleeve -- Cassette sleeve from Murder of Crows release, 1988, with first appearance of Condor Avenue (photo courtesy of Glynnis Fawkes)

  • Recent Slide Shows

Comments

0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>