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US Senate rejects bid to end oil, gas industry tax breaks
The US Senate Thursday rejected a bill that would have stripped billions of dollars' worth of tax subsidies from oil and natural gas companies and funneled that money to renewable-energy producers.
The bill failed on a vote of 51-47. It needed 60 votes for approval.
March 29, 2012
by Keith Chu
in Platts
Washington -- The US Senate Thursday rejected a bill that would have stripped billions of dollars' worth of tax subsidies from oil and natural gas companies and funneled that money to renewable-energy producers.
The bill failed on a vote of 51-47. It needed 60 votes for approval.
The measure never had a realistic chance to pass, Mitch McConnell, the Republican Leader from Kentucky, said in a Senate speech ahead of the vote. He accused Democrats of raising the issue to score political points by railing against oil companies.
"For some reason they thought they'd put some political points on the... [continue via Web link]
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