Main | Thursday, March 29, 2012

GOP Thwarts Repeal Of Big Oil Subsidies

Even though the major oil companies are turning in world record quarterly profits, today the GOP members of the Senate thwarted a bill to repeal their massive multi-billion dollar tax subsidies.
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.
It's a win-win for the GOP. They get to pocket millions in Super PAC campaign dough via Big Oil donations AND they get to scream about the high price of gasoline.

UPDATE: Think Progress points out: "The 47 senators voting against the bill have received $23,582,500 in career contributions from oil and gas."

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