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 ReidGOP frustrated by slow pace of Trump staffing This week: Congress awaits Comey testimony Will Republicans grow a spine and restore democracy? 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 MenendezThe Mideast-focused Senate letter we need to see Taiwan deserves to participate in United Nations The way forward on the Iran nuclear deal under President Trump 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.