As gas prices reach $4 and higher in many parts of the country, Congress is debating several bills related to the oil industry and efforts to curb spending.
Sen. Jeff Bingaman (D-NM) gives his thoughts on a bill sponsored by his colleague, Sen. Menendez (D-NJ), to repeal tax breaks and subsidies for large oil companies.
Senate Majority Leader Harry Reid (D-NV) is currently in negotiations to bring the bill to the Senate floor for a vote. However, it’s met opposition from Republicans and some Democrats. Sens. Landrieu (D-LA), and Begich (D-AK), who represent energy-producing states, have come out against the bill.
The House is also focused on energy legislation. This past week the Republican leadership passed three drilling-related bills which differ from the Senate agenda. The legislation aims to expedite approvals of oil drilling permits, reverse President Obama’s imposed moratorium on deepwater drilling in the Outer Continental Shelf and to set a national goal for oil and gas production.