Menendez proposes ending federal breaks for oil producers

(AP) - Saying it's time to end the "sweetheart"tax deals for oil companies, New Jersey Senator Robert Menendezsays he's proposing to end $20 billion in

NEWARK - (AP) - Saying it's time to end the "sweetheart"tax deals for oil companies, New Jersey Senator Robert Menendezsays he's proposing to end $20 billion in loopholes and tax breaksgoing to top oil producers.

The (Newark) Star-Ledger reports Menendez's proposal follows asimilar move in the House, with the Democrat saying the perks don'tmake sense for consumers or the environment.

Menendez announced the initiative yesterday in Jersey City.Under his bill, oil companies would be required to pay taxes fordrilling on federal land. The measure would also stop federal taxdeductions for companies that drill in foreign countries and wouldend tax deductions associated with drilling and manufacturing ofoil in the U.S.

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