UPDATE 1-U.S. Senate panel votes to end Big Oil tax break

Tue Nov 15, 2005 6:36 PM ET

(Adds comments from Sen. Wyden, oil companies that testified at Senate hearing, oil company profits, edits)

By Tom Doggett

WASHINGTON, Nov 15 (Reuters) - With the oil industry enjoying record profits from high prices for gasoline and other petroleum products, the Senate Finance Committee on Tuesday voted to repeal a $1 billion tax break for big oil companies.

Congress had included the tax break, which related to certain expenses for oil and natural gas exploration, in a broader bill to update U.S. energy policy that President George W. Bush signed into law this summer.