Oil Industry’s $21 Billion Tax Break Survives U.S. Repeal Effort

The U.S. oil and gas industry survived an effort to repeal $21 billion in tax breaks over 10 years as three Democrats broke with Senate leaders who said the revenue should go to reduce the federal deficit.

Supporters fell short yesterday of the 60 votes needed to advance the bill after Republicans said the legislation would raise gasoline prices and increase dependence on foreign oil. Fifty-two senators supported proceeding and 48 were opposed, including Democrats Mary Landrieu of Louisiana, Ben Nelson of Nebraska and Mark Begich of Alaska. Maine Senators Olympia Snowe and Susan Collins, both Republicans, joined the Democrats.