Not really. Those tax breaks were incentives to drill for oil here in the US instead of importing it. It's a lot cheaper to simply buy oil overseas and add a markup than to actually go out and drill for it.
Who do the dimwits think are going to pay these add on taxes? "Higher prices, higher taxes, and more terror attacks." This will be the defeatocratic battle cry in 08.
So does the Fed Govt cut them a check to do this? Allowing someone to keep their own money rather then send it to the Govt is NOT a subsidy. A subsidy is when the Feds gives money from the Treasury TO a company. For example, we subsidies multi millionaire who happen to own farms. We actually give them money from the Fed Treasury. Allowing Oil Companies to not be taxes as much as they might be is NOT a "Subsidy"
Note to economically illiterate Dems:
OIL COMPANIES DON'T PAY TAXES!
THE CONSUMERS DO!
All the Dems can do with this stupid policy is disincentivize companies from risking capital to explore for oil.
Are they going to cut the subsidy on biodiesel ($1 gallon), too?
Are they rolling back subsidies or raising taxes?
If it's the latter, this will hurt Big Labor, Dems.
"Federal 'Windfall Profits Tax' Legislation [on Oil Co's] Will Cost Pension Holders"
See
http://biz.yahoo.com/prnews/060313/clm527.html?.v=11