Thursday saw the Senate Republicans block President Obama’s attempt to end tax breaks for large oil companies. The vote was 51-47 with four Democrats voting against the bill and one Republican supporting the bill.
If the bill had passed the Senate, and somehow made it through the House, the $2 billion or so dollar a year in tax breaks/subsidies for large oil companies would have been used to development clean energy solutions and to pay down the national debt.
But now that is not going to happen. So what does that mean for the average American? Well more of the same – and there is the problem.
Gas prices are not going down and wages are not going up. Rather than further fund clean energy and alternative fuel projects, in an effort to get off oil, and also paying down the national debt, the tax breaks are going to continue and the prices of oil and gas are going to continue to increase. We should note that the 47 Senators (43 Republicans and 4 Democrats) who voted against procedural hearing to bring the bill to the table have received over $23.5 million in career contributions from Big Oil. As for the 51 Senators who voted for the bill? They have received a paltry-by-comparison $5.8 million.
Please continue reading at:
http://gas2.org/2012/04/02/subsidized-senators-reject-call-to-end-big-oil-tax-breaks/
