Yesterday evening, Republican opposition prevented the Senate from moving forward with a bill to eliminate $4 billion-a-year tax breaks for the most profitable oil and gas companies in the U.S. By a vote of 52-48, Republicans sank this measure that would have ended taxpayer funding for companies that obviously know how to turn a profit without government help.
The vote represented a line drawn in the sand. As American families continue to pay record prices at the pump, Democrats are fighting for tax fairness, responsibility in government spending, and relief for those who need it. And Republicans also made their allegiance clear – they stand with oil and gas companies.
Following the vote, White House Press Secretary Jay Carney released this statement:
It is disappointing that at a time when oil companies are posting near record profits, Republican Leadership in the Senate led an effort to protect billions of dollars in tax breaks for the oil and gas industry that even oil and gas CEO’s in the past have admitted are unwarranted and unnecessary. The bottom line is that there are more responsible ways to spend tens of billions of federal dollars, including investments that will help protect American consumers from high gas prices. The vote today - with support from over half the U.S. Senate - is an important step towards repealing these unwarranted subsidies for the oil and gas industry. The administration will continue to pursue this important reform.