House Democrats Target $40 Billion in ‘Big Oil’ Breaks

U.S. House Democrats are seeking to end tax breaks for oil companies such as Exxon Mobil Corp. and BP Plc valued at $40 billion for five years to fund initiatives including clean-energy programs.

Representatives Edward Markey of Massachusetts, top Democrat on the House Natural Resources Committee, and Earl Blumenauer of Oregon led Democrats in introducing the “Ending Big Oil Tax Subsidies Act” today in Washington. Subsidies undermine investment in cleaner sources of energy, increase the deficit and weaken U.S. energy security, the Democrats said.