Dems to Vote on Oil Company Tax-Break Repeal

Source:

"Two parties, two very different approaches to the issue of high gas prices."

CBS, Lucy Madison

Oil tax-break repealTwo parties, two very different approaches to the issue of high gas prices. Republicans this week are readying a vote on legislation that would ease restrictions on offshore oil drilling in an attempt to increase domestic supply. Democrats, meanwhile, are seeking a vote on repealing billions of dollars worth of tax subsidies for the oil industry.

The Hill reports that Democratic Rep. Tim Bishop (N.Y.) is expected to motion for a "previous question" during Thursday debate on GOP legislation that aims to expand and expedite domestic oil-and-gas production. The procedural move, which is predicated on Bishop's proposal this week of the "Big Oil Welfare Repeal Act," would enable Democrats to force a vote on repealing tax credits for the five largest oil companies.

"This is legislation that is long overdue and it is impossible to justify the continuation of these tax credits," Bishop said on Wednesday.

House Democrats are hoping to use the vote to get Republicans on the record regarding the billions of dollars in tax incentives for oil and gas companies that many in the GOP have resisted eliminating.

While the measure will likely fail in the GOP-dominated House, Democrats nevertheless hope to take advantage what appears to be a some friction within the Republican party on the matter of the controversial incentives.

"I think there are already clear divisions within the House Republican caucus on how damaging it would be to vote to keep tax subsidies for an industry where the top five companies made more than $30 billion in the first three months of the year," an unnamed House Democratic aide told the Hill on Wednesday.

Get Our Streetwise Reports Newsletter Free

A valid email address is required to subscribe