Oil Industry Tax Breaks Preserved in House Democrats’ Proposal

House Democrats are rebuffing President Joe Biden’s call to end a raft of tax breaks cherished by the oil industry.

Instead, a draft tax overhaul unveiled by the House Ways and Means Committee steers clear of axing the oil industry-targeted preferences, some of which date back more than a century. The omission was blasted by environmentalists, who argue that tax deductions that help oil companies recover the costs of drilling have no place in a warming world.

“This bill is fundamentally at odds with the president’s commitment to repeal fossil fuel subsidies,” said Erich Pica, president of Friends ...