Gas prices are hovering around $4 across the country today, while oil company executives are in Washington getting grilled over tax breaks.
Senate Democrats opened debate Wednesday on legislation to cut $21 billion in tax subsidies from big oil companies and use the money to reduce the federal debt. The bill targets the five biggest oil companies: ExxonMobil, Shell, ConocoPhillips, BP and Chevron. The chief executive officers of those companies - which have reported large profits - have been summoned to testify before a Democratic-controlled Senate committee Thursday.
AM asks you, do you believe cutting subsidies to big oil will lower the price of gas? We may choose your response to read on air. And, stay tuned into American Morning, we'll talk to Democratic Sen. Robert Menendez and American Petroleum Institute President and CEO Jack Gerard at 7:45a ET.