UPDATE: The Senate just finished voting on a motion to repeal $2 billion of oil subsidies to the biggest oil companies. A majority of the Senate - 51 Senators from both sides of the aisle - voted to repeal the subsidies. While 60 votes were needed beca
While debating a bill that would repeal $2 billion in tax subsidies for Big Oil, S. 2204, United States Senators came to the floor to state their case. Unfortunately, those defending Big Oil’s perks decided to use well-worn myths and misdirection.
Statement from The Wilderness Society President William H. Meadows, on the Senate vote on S. 940, The Close Big Oil Tax Loopholes Act. “Oil and gas companies are making record profits on the backs of American consumers, and still reaping billions of dollars in unnecessary subsidies from taxpayers as well. With S. 940, the Senate could have signaled the beginning of the end of the the oil industry's habit of dipping into taxpayers' pockets every April 15th.
In an effort to address high fuel prices, in his May 14, 2011 weekly address President Obama announced plans to sell federal oil and gas leases in the National Petroleum Reserve – Alaska (also known as the Western Arctic Reserve) and to end billions of dollars in subsidies to major oil companies.