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House Fails to End Subsidies for Big Oil; Sen. Kirk Voices Opposition to Those Subsidies

02 Mar 2011  |   Damien Shirley

Tags: Congress, House, Senate

Today, the House approved a stopgap measure to fund the federal government for the next two weeks, thus forestalling a government shutdown.

As part of that stopgap, Rep. Bill Keating (D-MA) offered a motion to end taxpayer-funded subsidies for the five largest oil companies, a move which would save tens of billions of dollars.

Unfortunately, the Republican leadership in the House defeated that motion earlier today.

Despite that defeat, though, the push to eliminate those subsidies seems to be gaining some traction???earlier today, Sen. Mark Kirk (R-IL) voiced his support for ending oil industry subsidies, stating that oil companies are "doing just fine on their own." Sen. Kirk's statement echoes testimony by John Hoffmeister, the former CEO of Shell Oil, who admitted last month that Big Oil doesn't need those subsidies.

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