Senate Votes to Proceed on Repeal of Tax Breaks for Oil Companies

The Senate votes 92-4 to limit debate and move toward a full floor vote on legislation that would repeal $21 billion in oil industry tax breaks and temporarily extend 18 tax incentives aimed at the use and production of clean or renewable forms of energy. While Republicans oppose the goals of the bill (S. 2204), aides and lobbyists say they supported the cloture vote so they can spend more time on the Senate floor to argue that the bill will only result in higher oil and gasoline prices—which are already approaching their highest level in nearly 4 years.