It looks like the House is going to make another try.
Congressional Democrats will try again next week to take away tax breaks for oil companies in order to finance renewable-energy and building efficiency projects, but success remains elusive amid a shortage of votes in the Senate.
The U.S. House of Representatives is tentatively set to vote on Wednesday on the bill, which would repeal more than $17.6 billion in tax breaks for oil and gas producers over 10 years. Consumers would gain new tax breaks for buying plug-in hybrid cars. Companies would be able to continue taking tax credits for wind, solar and other renewable-energy projects, extending breaks that expire at the end of 2008.
If it passes, it won't be the first time such a patch has made it out of the House. The real question is whether it will be met with the now automatic filibuster as soon as it reaches the Senate. Republicans have been intent on safeguarding the oil companies soaring profits, no matter what the cost to the taxpayers, future taxpayers, or the environment.
It would be hard to pinpoint any more egregious example of legislators placing big money contributors ahead of the interests of the people than the brown-nosing Republicans do for Exxon-Mobil's $40 billion bottom line. Aching national debt? Not important. Global warming? Don't believe in it. Corporate wealth? Vital!
Under current law, tax breaks for many oil companies are set to rise in 2010.