The move could be a way to pressure Republicans to support the legislation because it combines a way to tackle two popular issues -- rising gas prices and the federal deficit. Democrats will need Republican support to reach the 60-vote threshold for cloture on the bill.

Senate Majority Leader Harry ReidHarry ReidConservative Senate candidate calls on GOP to end filibuster Ex-Reid aide: McConnell's 'original sin' was casting ObamaCare as 'partisan, socialist takeover' GOP faces growing demographic nightmare in West MORE (D-Nev.) also spoke on the floor, praising the bill as away to reduce the national debt.

"We’re giving billions and billions of dollars every year – $4 billion to be exact – every cent of it taxpayer money – to oil companies that already are more than successful," sad Reid.

The Democrats' plan was authored by Sen. Robert MenendezRobert MenendezBipartisan group, Netflix actress back bill for American Latino Museum The Mideast-focused Senate letter we need to see Taiwan deserves to participate in United Nations MORE (D-N.J.) and will require oil companies to pay taxes for drilling on federal land. It will also remove tax deductions for companies that drill in foreign countries.