Senate rejects Obama's request to end oil tax breaks

Washington, DC - Senate Republicans voted down the President's request to end what he calls billions of dollars in tax subsidies for oil companies.

Before the vote took place, the President urged Congress to pass the legislation saying, "They can either vote to spend billions of dollars on oil subsidies that keep us trapped in the past. Or they can vote to end these taxpayer subsidies so that we can invest in the future. It's that simple."

Following the President's remarks, Sen. John Cornyn released a statement saying, "If President Obama is serious about easing pain at the pump, he should stop pontificating from behind a podium and start acting in American's best interest. With the stroke of a pen, he could allow the Keystone XL pipeline to be built, open up access to our domestic resources, and embrace the real all-of-the-above strategy that the American people want."

Obama says he wants to use the $4 billion to invest in America's energy future.

Republicans argue ending the tax breaks would lead to higher gas prices since it would raise costs for oil companies and affect exploration.