This report from The Hill's Energy & Environment blog:
Senate Dems, GOP open election-year fight on oil tax breaks
By Ben Geman and Andrew Restuccia - 03/26/12 06:00 PM ET
The Senate voted 92-4 Monday to begin an election-year floor debate over Democratic legislation to repeal oil industry tax breaks, a plan that’s unlikely to ultimately pass but provides a platform for partisan warfare over gasoline prices.
The procedural vote advanced Sen. Robert Menendez’s (D-N.J.) plan that would raise billions of dollars by removing incentives for the largest oil-and-gas companies, and also extend several green energy and energy efficiency tax breaks.
Further votes are expected later this week.
Most Republicans oppose the bill but GOP members voted Monday for a motion that allows debate to proceed, a tactical move that shows they believe the fight will be beneficial politically.
Senate Minority Leader Mitch McConnell (R-Ky.) said on the floor Monday that “common sense and basic economics” show that raising industry taxes will send gasoline prices even higher.