Senate panel votes to end Big Oil tax break

WASHINGTON, Nov 15 (Reuters) - With the oil industry enjoying record profits from high prices for gasoline and other petroleum products, the Senate Finance Committee on Tuesday voted to repeal a $1 billion tax break for big oil companies.

Congress had included the tax break, which related to certain expenses for oil and natural gas exploration, in a broader bill to update U.S. energy policy that President George W. Bush signed into law this summer.

Executives from five major oil companies, Exxon Mobil, BP Chevron, ConocoPhillips and Shell Oil, told a televised Senate hearing last week that their companies did not need some of the tax breaks Congress provided.

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=URI:urn:newsml:reuters.com:20051115:MTFH73224_2005-11-15_23-36-06_N15541802:1

After he vetos the torture ban.

Not that the break was repealed -that's great, but what a waste of time.

Congress had lavished such largesse on Big Oil that it took a well-publicized hearing to find out they didn't. even. need it. A BILLION dollars pouring through the system that no one asked for? Which of our uber-ethical Senators pushed for that? One doesn't imagine that an amount like that just slips through unnoticed.

How likely is it that we'd ever hear "OOPS, we were soooo generous with school lunches that we sorta slipped 'em a spare BILLION dollars they admit they didn't need. Heck, the kids say not even they can eat that much. heh heh"

n/t

breath. When the House Republicans get their corrupt hands on this bill, it will probably disappear...if it makes it that far.

But cheers for them doing the right thing :toast: :beer:

Where will the billion come from now. Our pockets.

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It is total Bu*shit that Cheney didn't have the oil execs making BushCo energy policy and here's more proof:

"Congress had included the tax break, which related to certain expenses for oil and natural gas exploration, in a broader bill to update U.S. energy policy that President George W. Bush signed into law this summer."