"Lawmakers intensified their shootout over oil yesterday, with House Republicans passing a bill to enhance drilling while Democrats launched a plan to rescind tax breaks for major oil companies and invest in cleaner transportation.

The dueling initiatives come as both sides strike an aggressive tone on rising gasoline prices and controlling the national deficit, though both plans are largely symbolic. They also provide a backdrop for the arrival on Capitol Hill today of leading oil executives, who were summoned to defend tax deductions that Democrats say amount to $4 billion annually.

Minority Leader Nancy Pelosi (D-Calif.) and other Democrats unveiled an energy package yesterday afternoon that builds on a plan released last week to rescind tax deductions for the oil and gas industry amounting to $31 billion over 10 years."

Evan Lehmann reports for ClimateWire May 12, 2011. [2]

SEE ALSO:

"Oil Executives, Defending Tax Breaks, Say They’d Cede Them if Everyone Did" (New York Times) [3]

"Oil Executives Defend Profits, Tax Cuts at Senate Hearing" (Los Angeles Times) [4]

"U.S. Approves Shell Deepwater Oil Drilling Plan" (Reuters) [5]

"Republicans Push Drilling Off California Coast; Democrats Say No" (McClatchy) [6]