Arab Today, arab today republicans reject effort to cut oil tax breaks
Last Updated : GMT 02:34:15
Arab Today, arab today
Arab Today, arab today

Republicans reject effort to cut oil tax breaks

Arab Today, arab today

Arab Today, arab today Republicans reject effort to cut oil tax breaks

Washington - AFP

Senate Republicans on Thursday shot down a proposal to slash subsidies for big oil companies, barely an hour after a plea by President Barack Obama to end such breaks to firms which are \"raking in record profits.\" A narrow majority voted 51-47 for Democratic Senator Robert Menendez\'s measure, but 60 votes were needed to move it forward. Obama, under election-year pressure over a surge in fuel costs, used a Rose Garden address to say the nation cannot afford the subsidies at a time of record budget deficits. \"The biggest oil companies are raking in record profits -- profits that go up every time folks pull into a gas station,\" Obama said. \"But on top of these record profits, oil companies are also getting billions a year in taxpayer subsidies -- a subsidy they\'ve enjoyed year after year for the last century.\" Shortly after the bill failed, the White House decried the \"unfortunate vote.\" Press secretary Jay Carney said senators \"chose to side with oil and gas companies instead of the American people, who overwhelmingly support the notion that... at a time of record profits, at a time when a company like ExxonMobil is pulling down -- was it $4.7 million an hour in profits -- that the American taxpayer should not be subsidizing oil and gas companies.\" Menendez has said that the top five petroleum companies made $137 billion last year, while producing four percent less oil than the year before. Senators urging passage of the bill have noted how the big five earned a combined trillion dollars in profits in the past decade. Obama sought to portray Republicans as supportive of subsidies that impose a double burden on the average American. \"You\'re already paying a premium at the pump right now. And on top of that, Congress thinks it\'s a good idea to send billions more of your tax dollars to the oil industry.\" Obama is blamed by Republicans for doing too little to encourage domestic oil production, but the president argues that more drilling will not bring down prices. \"Instead of taxpayer giveaways to an industry that\'s never been more profitable, we should be using that money to double-down on investments in clean energy technologies that have never been more promising,\" Obama said. Republicans quickly responded that Obama is out of touch with the problems of Americans and that his actions would be an effective tax increase. \"As smart as he is, the president still doesn\'t grasp the difference between a subsidy and a true business expense,\" Texas Representative Kevin Brady said. \"Raising taxes on our energy manufacturers -- and make no mistake this is what he\'s calling for -- will only mean less American-made energy, fewer American jobs and more expensive fuel at the pump. No wonder the Obama economy continues to struggle.\" Obama repeated his view that the United States should pursue a variety of energy initiatives -- a so-called \"all-of-the-above\" policy which includes oil and many alternative sources. Senate Republican leader Mitch McConnell said Wednesday that the plan would offer no relief for Americans hurt by rising fuel prices -- which have hit around $4 per gallon. \"Gas prices have more than doubled under President Obama and the Democrat-controlled Senate,\" McConnell said. \"At a time when gas prices are at a national average of nearly $4 a gallon, this is what passes for a response to high gas prices for Washington Democrats -- a bill that does nothing about it... because they\'ve got nothing -- nothing but a phony proposal aimed at distracting people from the fact that they have nothing to offer.\" Environmental protection group the Natural Resources Defense Council called the Senate vote \"mindboggling.\" \"Rather than continuing to subsidize the richest companies in the world, we should be supporting policies that encourage more choices for Americans beyond the oil industry\'s monopoly on our transportation system,\" said NRDC legislative director Scott Slesinger.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today republicans reject effort to cut oil tax breaks Arab Today, arab today republicans reject effort to cut oil tax breaks

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday