Wednesday, May 11, 2011

Senate Democrats Target Tax Breaks for Big Oil

Senate Democrats Target Tax Breaks for Big Oil - WSJ.com

Several Senate Democrats Tuesday proposed repealing about $2 billion in annual tax breaks for big oil companies as a debate over such incentives gained momentum amid rising gasoline prices and strong quarterly profits by oil giants.

Democratic Sens. Robert Menendez of New Jersey, Sherrod Brown of Ohio and Claire McCaskill of Missouri unveiled legislation Tuesday that would strip away several types of credits and deductions used by big oil and gas companies. The legislation would affect Exxon Mobil Corp., BP PLC, Chevron Corp., ConocoPhillips, and Royal Dutch Shell PLC.

The oil industry has warned that gasoline prices would climb even higher and U.S. energy production would decline if the companies' tax incentives are removed.

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