Senators Question Oil Companies on Lobbying $1.1B Tax Loophole in Senate Bill

Senator Elizabeth Warren and other Democratic lawmakers have raised concerns about lobbying efforts by oil companies ConocoPhillips and Ovintiv to secure a $1.1 billion tax loophole in President Trump's proposed tax bill, which would exempt fossil fuel companies from the corporate alternative minimum tax established by the Inflation Reduction Act. The senators have sent letters requesting details about lobbying expenditures and political donations related to this tax provision, which critics argue unfairly benefits oil companies while cutting healthcare and raising energy prices for families. The Senate Finance Committee's draft legislation includes billions in tax benefits for the oil and gas industry, potentially costing the federal government $18 billion over ten years, drawing criticism from environmental groups who see it as an expansion of Big Oil handouts funded by cuts to social programs. These tax changes coincide with the broader GOP effort to roll back climate programs and reduce government spending, including phasing out subsidies for renewable energy while expanding biofuel credits that may have adverse environmental impacts. The controversy highlights tensions between promoting fossil fuel interests and addressing climate change, with Democrats pushing back against provisions they view as regressive and environmentally harmful. Meanwhile, the oil companies have yet to publicly comment on their lobbying activities related to the bill.