Senate takes up bill repealing $2B oil tax breaks (AP)

Sen. Chuck Schumer, D-NY, talks to reporters about rising oil refinery profits that could keep gasoline prices high despite the recent drop in oil prices,at the Capitol in Washington, Tuesday, May 17, 2011. (AP Photo/J. Scott Applewhite)AP – The Senate is taking up a bill Tuesday that would repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic response to $4-a-gallon gasoline that might fare better when Congress and the White House negotiate a deal later this year to increase the government’s ability to borrow.

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