Continued from page 1

The measure would repeal or revise several tax rules that allow oil companies to deduct a portion of their costs for such endeavors as oil exploration and drilling. The savings would be used to help reduce the deficit.

“If we are going to get serious about addressing our national debt, we can no longer afford to keep giving away taxpayers’ money to the most profitable companies in the world,” said Sen. Claire McCaskill of Missouri, one of the bill’s sponsors.