WASHINGTON (AP) -- The Senate is taking up a bill that would
repeal about $2 billion a year in tax breaks for the five biggest
oil companies.
The vote Tuesday evening is expected to fail, but Senate
Democrats hope to build the case to include the measure in a
deficit-reduction package being negotiated by key lawmakers and the
Obama administration.
Senate Republicans and some Democrats, mainly from oil-producing
states, oppose the tax increases.
The heads of the five oil companies defended the tax breaks at a
Senate hearing last week, saying they just want the same tax
advantages enjoyed by other industries. The companies are Shell Oil
Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp.
A GOP measure designed to increase offshore drilling is
scheduled for a Senate vote on Wednesday.
repeal about $2 billion a year in tax breaks for the five biggest
oil companies.
The vote Tuesday evening is expected to fail, but Senate
Democrats hope to build the case to include the measure in a
deficit-reduction package being negotiated by key lawmakers and the
Obama administration.
Senate Republicans and some Democrats, mainly from oil-producing
states, oppose the tax increases.
The heads of the five oil companies defended the tax breaks at a
Senate hearing last week, saying they just want the same tax
advantages enjoyed by other industries. The companies are Shell Oil
Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp.
A GOP measure designed to increase offshore drilling is
scheduled for a Senate vote on Wednesday.
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