Another key Senate Democrat has thrown cold water on Democrat leaders’ plans to raise taxes on American energy producers. According to The Hill, “Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.) predicted Friday that a Democratic plan to strip billions of dollars in tax breaks for the largest oil companies will fail in the Senate next week.”

The Hill further reports, “Democratic leaders are planning a test vote on their plan to end incentives for Exxon, Shell, BP, Chevron and ConocoPhillips that are worth an estimated $21 billion over 10 years. But Bingaman said the plan – which would steer the savings into deficit reduction – does not have enough votes. ‘I don’t believe it does, and I think the Republicans will come up with some alternative they are going to offer that does not have the votes either,’ he told C-SPAN.”

Not only that, Bingaman isn’t even sure he’d vote for the bill, saying, “Frankly I haven’t decided how to vote. . . .”

Sen. Bingaman’s statement comes on the heels of Sens. Mary Landrieu (D-LA) and Mark Begich (D-AK) calling the bill “laughable” and “a gimmick.” Speaking on the Senate floor last week, Landrieu said, “This will not reduce gasoline prices. So why are we doing it? Will it create jobs? No. It will actually hurt job production in the United States.”

In fact, several leading Democrats, including even a sponsor of the bill, have acknowledged that it simply will do nothing to reduce gas prices. At a Finance Committee hearing last week, Chairman Max Baucus (D-MT) said, “You know, this is not going to change the price at the gasoline pump. That’s not the issue.  I don’t see that as an issue at all.” Mary Landrieu said, “It will not reduce gasoline prices by one penny.” As did Mark Begich: “It won’t decrease prices at the pump.” Sen. Chuck Schumer (D-NY), a member of Democrat Senate leadership, admitted, “This was never intended to talk about lowering prices.” And even Sen. Bob Menendez (D-NJ), one of the sponsors of the bill asserted, “Nobody has made the claim that this bill is about reducing gas prices.”

On CNN’s State of the Union yesterday, Senate Republican Leader Mitch McConnell dismissed Democrats’ political proposal and pointed out the serious consequences it could have: “The Senate Democrats, you’re right, do want to raise taxes on what they call the big five oil companies which of course will raise the price of gas at the pump, send jobs overseas and make us get even more oil from Hugo Chavez. That’s just a political stunt that Mary Landrieu, Democratic senator from Louisiana, called laughable.

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