Senate Dems seek to highlight oil tax breaks

AP News
Posted: May 11, 2011 2:15 PM
Senate Dems seek to highlight oil tax breaks

Senate Democrats are welcoming oil company executives to Capitol Hill this week by challenging whether they deserve tax breaks that pad their profits by billions of dollars a year.

The heads of the five biggest oil companies are to testify Thursday at a Senate Finance Committee hearing. On Wednesday, five Senate Democrats walked to a gas station a few blocks from the Capitol to release a letter to the executives urging them to admit they no longer need taxpayer subsidies.

Senate Democrats have unveiled a bill that would repeal about $2 billion a year in tax breaks for the five largest oil companies _ Shell Oil Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp.

Republicans and a handful of Democrats are expected to block the bill.