Congressional Democrats and environmentalists are resurrecting their calls to end a suite of tax breaks for the oil industry as the largest energy companies have announced their second quarter profits this week and debt discussions are dominating Capitol Hill debates.
The Senate in May voted down a proposal from Sen. Robert Menendez (D-N.J.) that would have repealed several tax breaks for the largest oil companies in order to pay down the deficit by $21 billion over the next decade. The vote came as both parties in Washington tried to score political victories from the soaring oil and gasoline prices plaguing the nation.
The Senate in May voted down a proposal from Sen. Robert Menendez (D-N.J.) that would have repealed several tax breaks for the largest oil companies in order to pay down the deficit by $21 billion over the next decade. The vote came as both parties in Washington tried to score political victories from the soaring oil and gasoline prices plaguing the nation.
