Senate rejects President Obama’s calls to end oil tax breaks

President Barack Obama on Thursday called for Congress to end $4 billion in tax subsidies for oil companies.

Hours later, the U.S. Senate blocked a bill that would have repealed the tax breaks.

The Senate vote of  51-47 was short of the 60 votes needed to end the tax credits.

Obama has said the companies are posting record profits and should not receive the tax breaks. Industry leaders and many congressional Republicans have said ending the tax breaks would cause energy costs to climb and could slow the rush of new jobs into the industry.

The president’s call came one day after the Oklahoma Policy Institute called for reductions in Oklahoma tax incentives for drilling activity in the state.

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