The Senate recent failed vote on the Democrats’ controversial bill that would cut tax breaks received by big oil. Senate Majority Leader Harry Reid is leading the charge. The Senate tried to reach an agreement to Close Big Oil Tax Loopholes Act and the Offshore Production and Safety Act.
Reid the Majority Leader will push further for the next session to proceed to Calendar #42, S.940, the Close Big Oil Tax Loopholes Act; and Calendar #43, S.953, the Offshore Production and Safety Act for to vote scrapping Big Oil tax breaks. Senate Democrats are calling for investigation into oil price fixing.
Democrats are targeting Big Oil for high gas prices calling for investigation into oil price fixing. Two Senators Claire McCaskill and Chuck Schumer, called for the Federal Trade Commission to launch an investigation into potential price fixing by oil refiners. Now there are more deepwater drilling nationally than we’ve had in many years according to both Senators.
Oil is exporting more and they’re cutting back on their capacity to deliver more gasoline into the U.S. supply chain. Prices keep rising and they’re only operating at 80 percent. This request for an FTC probe as the Senate procedural vote on the Democrats’ bid to cancel tax breaks for the five Big Oil companies.
Democrats want to cut around $2 billion a year in tax subsidies for Shell, BP, Chevron, ExxonMobil, and ConocoPhillips labeled “Big Oil” which operated under the Bush administration without any government regulations. The cuts would be used to save and pay on the federal deficit. Big Oil keeps recording massive amounts of profits not paying taxes but continue raising prices for profit and paying congressional lobbyist to defend oil bailouts with enormous sums of cash.
There is opposition from both party congressional members like Alaska’s Mark Begich, a ally of Lisa Murkowski, the Big Oil Bailout Queen who lobbied for BP‘s behalf not paying any damages from last years catastrophic environmental disaster in the Gulf of Mexico.
Begich recently criticize the bill calling it “a gimmick” that his party’s leaders were using as a tool to make a “good political score.” The score should be kept when Big Oil pays taxes on the oil they sell not the huge profits they make each year at the expense of the tax payers.
House Republicans continue to protect Big Oil by blocking a bill to cut taxpayer-funded subsidies of gas and oil industry choosing earnings over the middle class.
House members of Congress who received the most in oil and gas campaign contributions in 2010 are leading the charge on behalf of the oil and gas industry that cost Americans $4 billion per year, while Big Oil reported $33 billion in profits which does not include BP’s profits after the Gulf’s oil spill.
Both parties are employing a double standard system calling for spending cuts while defending $4 billion per year in taxpayer subsidies to Big Oil. Sounds like just a public relations campaign full of rhetoric.