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.)
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i know this sounds crazy, but our big oil companies are not so big compared to others, we must take the restrictions off of domestic drilling make it cheaper to drill our own than to import foreign oil.if it is supply and demand we have enough here to meet our supply many times over and still export. i still can not believe we use to be the number one oil exporter in the world. the only thing democrats can do is tax they know nothing else