As Gas Prices Soar, Congress Takes Aim At Oil Prices And Subsidies04:54
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As gas prices soar to well over $4.00 per gallon, Congress debates what to do while some Americans take to their bikes. (AP)
As gas prices soar to well over $4.00 per gallon, Congress debates what to do while some Americans take to their bikes. (AP)

Senate Democrats are proposing an end to tax breaks for the five biggest oil companies as a way to help bring down the deficit. They acknowledge the measure won't bring down gas prices, which are averaging $4 per gallon nationwide. However, lawmakers say the tax breaks amount to $21 billion over ten years - money that oil companies wouldn't miss because they took in $36 billion in profits in the first quarter of this year.

Republicans, who are dead set against tax increases, say that ending tax breaks for oil companies would lead to higher gas prices, and the U.S. should instead focus on expanding domestic oil production. We speak with Gail Chaddock, congressional correspondent for the Christian Science Monitor.

This segment aired on May 11, 2011.

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