GOP blocks repeal of US Oil Subsidies

 

Via JMG:Even though the major oil companies are turning in world record quarterly profits, today the GOP members of the Senate killed a bill to repeal their massive multi-billion dollar tax subsidies.  Apparently, even with all the money the oil companies are making, they need tax dollars to get by:

Senate Republicans, including Scott Brown of Massachusetts, today foiled President Obama’s plan to strip $24 billion in tax subsidies from the country’s largest oil companies, potentially fueling an election-year issue among voters disgruntled by escalating gas prices. The 51-47 vote was mostly along party lines. Most Democrats, including Senator John Kerry, voted in favor of eliminating the subsidies but fell far short of the 60 votes needed to withstand a filibuster. Only Republican Senators Olympia Snowe and Susan Collins, both of Maine, joined the Democrats. Four Democrats — Jim Webb of Virginia, Mary Landrieu of Louisiana, Ben Nelson of Nebraska and Mark Begich of Alaska — voted against repealing the subsidies. Begich and Landrieu represent states with large oil revenues.