Senate Dems: Cut Oil Tax Breaks To Reduce Deficit

May 2011
Energy Daily;5/11/2011, Issue 90, p6
The article reports that a group of U.S. Senate Democrats have proposed to eliminate several tax breaks for oil companies, including ExxonMobil, Chevron, Shell, British Petroleum and ConocoPhillips, and use the funds to help reduce the federal deficit instead of the original proposal to apply the savings to alternative fuel development. The legislation was introduced by Senators Robert Menendez, Claire McCaskill, Jon Tester and Sherrod Brown. An overview of the proposal introduced by Senate Finance Committee Chairman Max Baucus is given.


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