Chris Moody
The Daily Caller
5/11/2011
Democrats agree that it’s time to end tax credits and write-offs for the most profitable oil companies, but when it comes to spending the billions that would be added to government coffers if the bill passes, Congress is ignoring President Obama’s call to use the extra money to subsidize alternative energy.
New Jersey Democratic Sen. Robert Menendez, a member of the Senate Committee on Energy and Natural Resources, unveiled legislation Tuesday that would end tax breaks for the five largest oil companies — ExxonMobil, Shell, ConocoPhillips, Chevron Texaco, and BP — and funnel the resulting revenue toward deficit reduction.
But that’s not what Obama requested when he called for an end to tax loopholes for oil companies earlier this year…
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