Senate Democrats are trying once again to yank $17 billion in tax breaks away from oil companies that are enjoying booming profits. The Consumer-First Energy Act, introduced in the Senate on Wednesday, would also put a 25 percent tax on oil companies that don’t invest in renewable energy. Bill cosponsor Harry Reid (D-Nev.) sums up, “Big Oil is making money hand over fist while doing little to invest in alternative fuels, yet Bush Republicans want to keep handing them huge tax breaks.” For their part, Senate Republicans have introduced the American Energy Production Act, which would boost oil production in offshore areas and in the Arctic National Wildlife Refuge. The outcome of the legislative squabble is likely to be a whole lotta nothin’, as neither bill is likely to make it far.
