Oil Subsidies Bill And Senate

March 29, 2012 by staff 

Oil Subsidies Bill And Senate, Senate Republicans, including Scott Brown of Massachusetts, today foiled President Obama’s plan to strip $24 billion in tax subsidies from the country’s largest oil companies, potentially fueling an election-year issue among voters disgruntled by escalating gas prices.

The 51-47 vote was mostly along party lines. Most Democrats, including Senator John Kerry, voted in favor of eliminating the subsidies but fell far short of the 60 votes needed to withstand a filibuster. Only Republican Senators Olympia Snowe and Susan Collins, both of Maine, joined the Democrats.

Four Democrats – Jim Webb of Virginia, Mary Landrieu of Louisiana, Ben Nelson of Nebraska and Mark Begich of Alaska – voted against repealing the subsidies. Begich and Landrieu represent states with large oil revenues.

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