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Rival oil bills.

It’s been a week and a half since the price of oil started falling, yet average gas prices still went up another 2 cents today! Oil closed below $99. Down over $15 since its high ten days ago. Based on 2008 oil prices vs. gas prices, the national average for the price of gasoline was $.30 too high even when oil was at $114 ten days ago.

As public anger rises Senate Democrats have proposed eliminating $21 Billion in Federal tax breaks to the five largest oil companies. Democrats believe that House Republicans will vote against the bill and it will be a weapon against Republicans in the 2012 elections. While this would not lower gas prices,  it would save US taxpayers $21 billion assuming spending is not increased.

House Republicans want to re-open offshore drilling. This would increase supply and keep oil money in the US instead of going to Saudi Arabia and Venezuela. Senate Democrats are expected to oppose this bill.

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