Democrats have worked to paint Republican opponents of the measure as pawns of Big Oil. But Republicans have countered that eliminating the tax breaks could harm the economy and raise gas prices.
A Congressional Research Service report released in May 2011 found that the repeal of five key oil industry tax breaks would have little to no impact on gasoline prices.
Democrats have tried to eliminate oil company tax breaks before, without success. A similar measure fell eight votes short of the required 60 votes last year.
Meanwhile, House Republicans will examine Republican legislation to delay key Environmental Protection Agency pollution regulations while administration officials analyze whether they will cause higher prices at the pump.
The bill would require the president to establish a commission to examine the effect of key EPA regulations on gas prices. EPA would not be allowed to finalize the rules until six months after the commission issues its final report.
Republicans have long alleged that EPA regulations will cause higher gas prices, but administration officials say those concerns are overblown. A House Energy and Commerce subcommittee will hold a hearing Wednesday on the EPA bill.
Also in the House this week, the Natural Resources Committee will likely vote Wednesday to subpoena the Interior Department for documents related to a 2010 report that incorrectly implied outside engineers had endorsed a freeze on deepwater drilling in the wake of the BP oil spill.
The panel is also expected to approve a subpoena for Interior documents about a planned rule to toughen regulations governing so-called mountaintop-removal coal mining.
Read more about the subpoena votes here.
There are several other energy events on Capitol Hill this week.
On Tuesday in the Senate, an Environment and Public Works subcommittee will meet to examine EPA’s efforts to “reduce pollution and improve environmental performance,” and a Finance subcommittee will hold a hearing on renewable energy tax incentives.
The Senate Energy and Natural Resources Committee will hold a hearing Thursday to look at “current and near-term price expectations and trends for gasoline and other refined petroleum products,” according to the panel. Witnesses include Howard Gruenspecht, acting head of the federal Energy Information Administration.
Tuesday in the House, an Appropriations subcommittee will look at the Energy Department’s energy efficiency, fossil energy and electricity budget requests; the Education and the Workforce Committee will take a look at the lessons from the Upper Big Branch mine disaster; and the Natural Resources Committee will hold a hearing on the effect of high gas prices on family vacations and tourism.
On Wednesday in the House, a Transportation and Infrastructure subcommittee will hold a hearing on EPA’s budget, and an Appropriations subcommittee will host Arun Majumdar, head of the Energy Department’s Advanced Research Projects Agency-Energy (ARPA-E).