Senate Dems Want Subsidies Ended For Big Oil

A trio of Senate Democrats unveiled legislation Tuesday aimed at terminating federal subsidies to four of the five biggest oil companies in the U.S.

Sens. Bob Menendez (D-N.J.), Claire McCaskill (D-Mo.) and Sherrod Brown (D-Ohio) told reporters that the bill would save taxpayers $21 billion over the next ten years, and that all savings would go directly toward deficit reduction.

McCaskill called the bill “the essence of low-hanging fruit.”

Menendez said the legislation is about fairness, and not necessarily about bringing down the cost of gasoline, which has risen to roughly $4 per gallon on average across the nation.

“At a time when families are feeling the pain at the pump and our deficit keeps growing at an alarming rate, we simply can’t afford to keep giving away billions in taxpayer handouts to oil companies that are doing nothing to help lower prices.”

The bill targets Exxon, Shell, Chevron and Conoco-Phillips, oil giants who each recorded billions in profits during the first quarter of this year. BP is exempt from the legislation due to the fact that it is already on the hook for billions in cash as a result of last year’s mega-spill.

Chances of the bill becoming law, however, are slim. Republicans in the House seem to be going the exact opposite way in terms of energy legislation, scheduling votes on bills that would increase offshore oil production and loosen regulations on domestic drilling policies. Menendez even appeared uncertain as to whether Senate Majority Leader Harry Reid (D-Nev.) would bring the bill to the floor, telling reporters to check with Reid, himself.