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.
News 5 first reported this story as BREAKING NEWS on wkrg.com.
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(Copyright 2008 by The Associated Press. All Rights Reserved.)
Gas Prices Continue To Fall










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I don’t want to see the land raped and left in ruin, but I don’t think that is the case. New technology should allow for minimal impact from drilling and the benefits would far outweigh any possible negatives.