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Vote to Repeal Oil Subsidies Unlikely This Week

04 May 2011  |   Damien Shirley

A Senate vote to repeal billions of dollars in subsidies for Big Oil is unlikely to occur this week, according to a spokesperson for Senate Majority Leader Harry Reid (D-NV).

Sen. Reid had said he was hoping to bring a bill to repeal the subsidies to the floor as soon as possible, but he also stated he would have to deal with a small business bill that has been lingering on the Senate floor first.

In addition, Sen. Max Baucus (D-MT) has unveiled an outline for a bill that would repeal tax breaks for the top 5 oil companies. At this point, it's unknown when the full text of the bill will be revealed or when it could come to the Senate floor.

Meanwhile, the House will vote later this week on at least one bill to expand domestic production of oil and gas; a number of amendments to end subsidies for Big Oil are expected to be offered.

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