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."