Published: May 13, 2011 5:00 PM EDT
Updated: May 13, 2011 2:00 PM EDT

LEE COUNTY, Fla.- Senator Bill Nelson is introducing new legislation that would strip oil companies of about $4 billion every year. 

He says with record profits, BP is using part of it's tax break to clean up the oil in the Gulf.

But oil executives warned they would have to pass their losses onto the consumer. They also told a panel of senators stripping the tax breaks would drive down domestic oil production.