Senate procedural fun this week kicks off right away, with a cloture vote on ending tax subsidies to the oil and gas industry. While the bill is not expected to get the 60 votes needed to break a Republican filibuster, both parties see the vote as a chance to
score political points.
It will, however, give both parties a political issue for the fall elections, with Democrats likely to accuse Republicans of protecting major oil and gas companies while Americans pay very high prices for gasoline. Republicans likely will counter that the Democratic bill would have further increased already high pump prices. [..]
Over the last 10 years, the Big 5 oil companies have made $1 trillion in profits, while retaining tens of billions of dollars in taxpayer subsidies. [...] Last year, the five companies -- BP, ExxonMobil, Shell, Chevron and ConocoPhillips -- reported $137 billion in profits.
In addition to canceling some oil and gas tax breaks, the legislation would make it harder for speculators to drive up the price of oil by limiting how much future trading any investor could do in a single day.
Public polling
suggests that large majorities of the voting population see oil company greed behind the increase in gas prices, so Democrats have built in advantage with public opinion. That, and the obscene, untaxed, profits the oil companies have been raking in suggest that this vote could be worth it for Democrats. Even if it is utterly futile.
2:32 PM PT: If you can't stand the suspense, the voting just started. You can watch on C-SPAN2.
2:50 PM PT: So cloture is going to pass after all, and fairly big. Apparently Democrats aren't the only ones who see great political appeal in this.
3:00 PM PT: It passes, 92 - 4.