WASHINGTON -- Democrats are gleefully charging ahead with a proposal to end multi-billion-dollar oil and gas subsidies, seeing an opportunity to redirect the public’s ire over gas prices from the White House to Big Oil and its loyal Republican backers.
On Wednesday, Senate Majority Leader Harry Reid (D-Nev.) vowed to set up an early vote on the issue. His decision comes one day after President Barack Obama called for "immediate action to eliminate unwarranted tax breaks for the oil and gas industry, and to use those dollars to invest in clean energy to reduce our dependence on foreign oil."
“I think he's right,” Reid said of Obama’s letter to congressional leaders. “We need to take away the subsidies of these five major oil companies. We have to do that as quickly as we can. I'm going to try to get it done as soon as I can do it procedurally in the Senate here."
"There's no necessity for these subsidies. The companies have broken all records for profits,” Reid said in a conference call with reporters. "They do quite well without the subsidies.”
http://www.huffingtonpost.com/2011/04/27/oil-subsidies-repeal-republicans-defensive_n_854606.html