plan to tax the windfall profits of the largest oil companies.
Democrats on Tuesday failed, 51-43, to get the 60 votes needed
to overcome a GOP filibuster of the energy package, and bring the
bill up for consideration.
Democrats said the huge profits enjoyed by the largest U.S. oil
companies should be reined with motorists paying more than $4 a
gallon for gasoline and oil prices soaring well beyond $100 a
barrel. But Republican critics said higher taxes on oil companies
would increase - not lower - gasoline prices and reduce the
incentive for domestic oil exploration and production.
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(Copyright 2008 by The Associated Press. All Rights Reserved.)

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Tapping America’s huge reserve of deep ocean energy helps us fight terrorism and increases our domestic energy supply, which will help put downward pressure on gasoline prices,” Greg Schnacke, President of Americans for American Energy, said in a news release, adding: “With Americans suffering at the gas pump and with higher energy bills, it’s a no-brainer that the OCS should be developed.”
But the proposal has faced staunch opposition from environmental groups from states where the shorelines are under consideration for drilling, like Florida.
Sierra Club lands program director Athan Manuel told a House committee Wednesday that drilling has been unsuccessful in driving costs down.
Democrats are holding their own series of events on Capitol Hill Wednesday to focus attention on global warming and energy independence, but drilling is not on the agenda. House Majority Leader Steny Hoyer, D-Md., said Tuesday ongoing calls for more drilling “is the Johnny One-Note of the Republican Party.”