Oil, gas tax-repeal legislation fails in the Senate

Legislation introduced by Sen. Robert Menendez, D-N.J., that would have eliminated billions in tax incentives for major oil and natural gas companies was voted down in the Senate. The failure came after President Barack Obama urged senators to repeal the tax incentives. The Senate vote was "a political distraction from high gasoline prices and our nation's failed energy policies," the American Petroleum Institute said on March 29.