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Senate fails to repeal major oil firms’ tax incentives

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Old 03-29-2012, 12:02 PM
herm herm is offline
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Senate fails to repeal major oil firms’ tax incentives

The President wants to end the subsidies

http://www.cleanmpg.com/photos/data/501/White_house.jpg
Puneet Kollipara - FUELFIX - March 29, 2012

Will the oil companies absorb the expense or pass it down to the consumer? --Ed.

The Senate on Thursday failed to advance a measure that would repeal five tax incentives for the nation’s five biggest oil and gas companies and use the money to pay for extending alternative-energy tax credits.

The measure’s failure, which was expected, came after a plea by President Obama to get rid of the tax breaks that he argued subsidize major companies that don’t need help right now. Obama framed the vote as a choice between competing philosophies on where the nation should head with its energy policy, warning senators that “they can stand with big oil companies, or they can stand with the American people.”

“It’s like hitting the American people twice,” Obama said. “You’re already paying a premium at the pump right now. And on top of that, Congress up until this point has thought it’s a good idea to send billions more of your tax dollars to the oil industry.”

Obama and Democrats have branded the $4 billion a year in tax incentives for the oil and gas industry as subsidies — though the sector’s lobbying groups respond that the provisions are actually a range of deductions enjoyed by a wide range of industries.... [Read More]
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