Close Big Oil Tax Loopholes Act fails in U.S. Senate

Senator Robert Menendez (D-NJ) introduced legislation, S.940, the Close Big Oil Tax Loopholes Act, to remove various tax benefits to the big oil companies worth $21 billion in savings over a decade. The measure failed to clear the Senate Energy and Natural Resources Committee on May 16, 2011. Voting was largely on party lines, 52 voted in favor (48 Democrats) (needed 60) and 48 voted against (45 Republicans). To see how the Senators voted, go to the following link: http://politics.nytimes.com/congress/bills/112/s940

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