Statement by the Press Secretary on S. 940

It is disappointing that at a time when oil companies are posting near record profits, Republican Leadership in the Senate led an effort to protect billions of dollars in tax breaks for the oil and gas industry that even oil and gas CEO's in the past have admitted are unwarranted and unnecessary. The bottom line is that there are more responsible ways to spend tens of billions of federal dollars, including investments that will help protect American consumers from high gas prices. The vote today - with support from over half the U.S. Senate - is an important step towards repealing these unwarranted subsidies for the oil and gas industry. The Administration will continue to pursue this important reform.