Sen. Elizabeth Warren Presses Oil Firms on Lobbying for a Huge Tax Break in the Budget Bill

Sen. Elizabeth Warren presses oil firms on lobbying for a huge tax break in the budget bill

The provision in play could completely eliminate their income tax burden.

Senate Dems Demand Explanation After Big Oil Lobbied for 'Giveaways at the Expense of American Families'

The fossil fuel industry spent big to push through a $1 billion provision in the GOP budget bill, which the senators said would allow some oil companies to "pay no federal income taxes whatsoever."

Elizabeth Warren, Chuck Schumer Grill ConocoPhillips, Big Oil For Massive Tax Break In Trump Budget Law: 'It's An Insult To Working People' - Meta Platforms (NASDAQ:META), ConocoPhillips (NYSE:COP)

Democratic lawmakers, led by Sen. Elizabeth Warren (D-Mass.), are scrutinizing the lobbying efforts of two energy companies aimed at securing a $1.1 billion tax loophole in the reconciliation mega-bill. What Happened: On Thursday, Warren, along with Senators Sheldon Whitehouse, Ron Wyden, and Senate minority leader Chuck Schumer (D-N.Y.), sent letters to ConocoPhillips (NYSE:COP) and Ovintiv seeking clarification on their role in the proposed ta…