Senate Republicans reject Obama call to end 'big oil' tax breaks
March 29th, 2012
12:46 PM ET
2 years ago

Senate Republicans reject Obama call to end 'big oil' tax breaks

Washington (CNN) - Senate Republicans on Thursday blocked a Democratic measure championed by President Barack Obama to end tax breaks for the major oil companies.

The procedural vote of 51-47, which failed to reach the needed threshhold of 60, killed the measure, which was given little chance of eventually winning approval in the Republican-controlled House. Four Democrats opposed the bill while one Republican supported it.

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Filed under: gas prices • President Obama
soundoff (32 Responses)
  1. Hap

    Sorry to say until the democratic super majority is restored big oil, wall street, and big banking will continue to run this country. Dems had it and blew it from 08-10 and hopfully have learned there is no compromise when it comes to the Republicans and their sugar Daddies. The saddest part of all this are the middle class fools that actually think the repugs have their best interest at heart. "Denial and nothing but Denial" is a good example of this, a sad little person watching Faux news getting the crap scared out of him thinks the Dem's in congress caused the financial problems we have while a majority rightfully blame Bush and the Republicans. Sir, it was a combination of massive tax cuts and two wars. We'd be at 4 trillion in debt vice 14 if it weren't for that. WAKE UP!

    March 29, 2012 12:20 pm at 12:20 pm |
  2. Namejkane fl live from teapublican moon base no taxes, no regulation no health care, free gas.

    Tax the oil companies and increase the royalitys they pay to drill on government land to 25%.

    March 29, 2012 12:20 pm at 12:20 pm |
  3. Scef

    Mr. President I thank God for you and may he truly bless you because you DO live the dictates of Jesus. You DO feed the poor, clothe the naked, shelter the homeless, and free the oppressed.

    March 29, 2012 12:32 pm at 12:32 pm |
  4. Dominican mama 4 Obama (the real one)

    I always thought that subsidies were given to businesses in order to give them a leg-up if they were just starting off, or help increase (or decrease) production, or to encourage them to innovate on their product. None of these apply to the oil industry. They're making out like bandits ALL THE TIME.

    March 29, 2012 12:35 pm at 12:35 pm |
  5. Dominican mama 4 Obama (the real one)

    Mr. President I thank God for you and may he truly bless you because you DO live the dictates of Jesus. You DO feed the poor, clothe the naked, shelter the homeless, and free the oppressed
    -------------------------------------------------
    Amen to that. He is a blessing indeed.

    March 29, 2012 12:40 pm at 12:40 pm |
  6. Four and The Door

    Yeah, and he should go after Apple too! Them ridiculously profitable bastards! Oh, but in the political column Apple are good guys. So don't expect Obama to come down too hard in Cupertino. It's an election year. And Obama is a political hack.

    March 29, 2012 12:42 pm at 12:42 pm |
  7. Fair is Fair

    Scef

    Mr. President I thank God for you and may he truly bless you because you DO live the dictates of Jesus. You DO feed the poor, clothe the naked, shelter the homeless, and free the oppressed.
    ------
    Not to mention heal the sick, cure the lepper, give sight to the blind, cast out demons, change the course of mighty rives, leap tall buildings in a single bound, and bend steel in his bare hands.

    GIVE ME A BREAK

    March 29, 2012 12:43 pm at 12:43 pm |
  8. B

    Good luck Mr. President.. Senate Republicans are owned by Oil Companies.

    Obama said what needs empathizing, but it is like spitting into the wind..

    March 29, 2012 12:46 pm at 12:46 pm |
  9. Dave

    It is SEVERLY amazing just how UN patriotic These politicians are when it comes to putting their own intrest before NATIONAL SECURITY. It is PATHETIC. They are so in bed with the OIL COs it worse than Mitt & the QUAROM of 12! ! They need to take a hard look in the mirror & change their ways when it comes to OUTSOURCING this oil from The Keystone. Keep it in AMERICA.

    March 29, 2012 01:02 pm at 1:02 pm |
  10. John

    Another failure and embarrassment for the president, can’t get enough members of his own party to support him. Just like President Obamas 2013 budget, submitted in February 2012, was voted down 414-0 in the House, not one Democrat voted for the Obama budget.

    March 29, 2012 01:06 pm at 1:06 pm |
  11. Truth and Nothing But the Truth

    Total Democrat/Obama BS here people. All Obama and the Democrats are trying to do is penalize the oil industry (who will likely recoup the cost from the consumer) to the tune of $2 billion (chump change) in order to redirect that money to their bogus and bankrupt green energy boondoogles. Nothing but another cheap political smoke and mirror manuever by Obama instead of addressing REAL energy issues. Demonizing and attacking a VITAL industry seems to be all the Democrats and Obama are capable of doing.

    End ALL subsidies and GET OUT of picking green companies and sending them billions only to go belly up. Use the savings to pay down the debt or to fund the dying SS and Medicare programs. THAT is what the Republicans need to counter with.

    March 29, 2012 01:08 pm at 1:08 pm |
  12. Kev

    Well of course they do, who do you think's gonna pay them to be lobbyists when they leave Congress?

    March 29, 2012 01:13 pm at 1:13 pm |
  13. Rudy NYC

    Take it way. Give them a tax credit for R&D spent on alternative energy to take its' place.

    March 29, 2012 01:13 pm at 1:13 pm |
  14. 1twinsfan

    But those oil execs now need car elevators as well because that's the example Mittens is setting. They need these breaks lest they have to acutally park in the garage like the peasants do.

    March 29, 2012 01:14 pm at 1:14 pm |
  15. harvey 60

    Exxon Mobil profits: 2008 $45.2 billion; 2009 $19.3 billion; 2010 $30.5 billion; 2011 $41.1 billion. Want to know why gas prices are so high? Ask them and ask the fat little gerbil with glasses that takes campaign funds and his orders from them and the big tobacco companies. Just look at Mitch's campaign finance records and you'll see why he keeps protecting Big Oil.

    March 29, 2012 01:17 pm at 1:17 pm |
  16. GROVER NORQUIST IS A ENEMY OF THE STATE

    Repubicans are in the pockets of big oil. Bought and paid for.

    March 29, 2012 01:18 pm at 1:18 pm |
  17. Sniffit

    "Senate Republicans reject Obama call to end 'big oil' tax breaks"

    No no no. Either you capitalize the B and the O to say "Big Oil" as a proper noun OR you admit that it really should read like this:

    "Senate Republicans reject Obama call to end BIG oil tax breaks"

    CBO estimates that the effective marginal corporate-level tax rate on petroleum and natural gas structures is NEGATIVE 2.2 PERCENT. That's right: NEGATIVE TWO POINT TWO PERCENT. Guess why the effective tax rate is so low? Go ahead...guess.

    March 29, 2012 01:23 pm at 1:23 pm |
  18. Rudy NYC

    Truth wrote:

    All Obama and the Democrats are trying to do is penalize the oil industry (who will likely recoup the cost from the consumer) to the tune of $2 billion (chump change) in order to redirect that money to their bogus and bankrupt green energy boondoogles.
    -----------------
    If it is "chump change", then why the all the fuss? They get tax credits on leased federal land if they are not drilling there. Doesn't that sound backwards to you? They get paid not to drill.

    March 29, 2012 01:26 pm at 1:26 pm |
  19. G

    Big oil has bought and paid in full for the souls of the Republican party.

    March 29, 2012 01:27 pm at 1:27 pm |
  20. Lizzie

    I'm amazed by the bloggers who take the word of this President as gospel. Oil companies do not receive subsidies, green energy companies do, they also receive taxpayer money. If you take away tax deductions from one industry, let's take them away from ALL of them. Why not take over ALL industries and let the government run them, why not let the government just pay for everyone's everyday expenses, why not make President Obama Emperor let him tell you what, when, where and how.

    March 29, 2012 01:33 pm at 1:33 pm |
  21. Lizzie

    Rudy NYC, youre not in the oil industry, oil companies would drill on government owed land, would gladly pay royalties but the EPA under this administration makes that impossible?

    March 29, 2012 01:35 pm at 1:35 pm |
  22. vic , nashville ,tn

    Republicans in DC argue tax break good for economy, But state republicans love to collect tax, even they insists job creators to pay tax

    March 29, 2012 01:37 pm at 1:37 pm |
  23. l.lewis

    The President is trying to make it a fair playing ground. We alll see that, but some of the posts are just plain stupid....One minute you complaining about high gas prices, which you blame the President, now he's try to cut big oil tax breaks, which didn't work out..So make up your mind people!!!! It seems whatever the President does, so people you just can't be happy........President Obama 2012!!!

    March 29, 2012 01:39 pm at 1:39 pm |
  24. Jane

    I would like to see a list of the Republicans (and the Democrats) who rejected this, with the information on how much oil money they have accepted over their terms (Mitch the Turtle is one of the biggest offenders) – - or maybe they could just put "a wholly owned subsidiary of Big Oil" on their business cards?

    March 29, 2012 01:42 pm at 1:42 pm |
  25. CaliLiberal

    Although I am a democrat and a supporter of President Obama, I agree with the readers who suggest ending ALL subsidies and tax shelters. Let a true free market exist. End subsidies for big oil and gas, big pharma, "green" energy companies, big banks, big agra, and the horrendous ethanol subsidies. Use half of that money to pay down the debt, use the other half to invest in infrastructure.

    March 29, 2012 01:52 pm at 1:52 pm |
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