The Senate is expected to vote for end to Big Oil tax breaks this upcoming Monday, following the release of a House budget and tax plan continuing the annual $4 billion for the next ten years. Senate Majority Leader Harry Reid (D-NV) has filed for a procedural vote for Repeal of Big Oil Tax Subsidies Act of 2012 (S 2204) for late Monday afternoon. The bill also contains credit extensions for renewable energy development and energy efficiency measures.
In recent weeks, President Obama has repeatedly called on Congress to cut taxpayer-funded oil subsidies. The big five oil companies - BP, Chevron, ConocoPhillips, ExxonMobil, and Shell- made a combined profit of $137 billion in 2011.
“Every time you fill up the pump, they're making money,” President Obama has said. “They are doing just fine. They're not having any problems.”