Senate Fails to to Pass the Repeal Big Oil Tax Subsidies Act

The Senate today (3/29) failed to pass the Repeal Big Oil Tax Subsidies Act (S. 2204), which would have repealed tax loopholes to the five largest, most profitable oil companies in the world: BP, Exxon, Shell, Chevron, and ConocoPhillips, and use some of those savings to extend expiring clean energy tax provisions for one year and the remainder of the savings to reduce the deficit. The bill, introduced by Senator Robert Menendez (D-NJ) and 19 co-sponsors, did not gain the necessary 60 votes, with 51 senators voting for and 47 against. According to Menendez, the legislation would have saved nearly $24 billion over ten years by cutting oil subsidies, and would have used $11.7 billion of the savings to extend clean energy tax incentives for biodiesel, cellulosic ethanol, wind, energy efficiency, and electric vehicles. Over $12 billion of the savings would have been used to lower the deficit.