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October 6, 2008 10:22:08 AM CDT

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GOP Blocks Profit Tax on Oil Companies

Posted Jun 10, 08 1:59 PM CDT in Business,  Politics 

(Newser) – Senate Republicans today fended off a Democrat-sponsored bill that would have heaped a 25% tax on the five biggest US oil companies and rolled back other tax breaks for the industry, the Houston Chronicle reports. President Bush had threatened to veto the measure, hailed by Dems as "energy price relief" and for which Republicans predicted "abject failure."

The bill also sought to curb speculation by traders in the oil markets and make price-gouging a federal crime. The Republicans instead advocate oil exploration and drilling in areas currently off-limits, such as the Arctic National Wildlife Refuge in Alaska.

Source Houston Chronicle

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Democrats Max Baucus, D-Mont., left, Jeff Bingaman, D-N.M., center, and Charles Schumer, D-N.Y., discuss today's failed Senate vote on a windfall tax for oil companies.   (AP Photo)
Sen. Charles Schumer gestures during a news conference on Capitol Hill in Washington after Republicans defeated a Democratic plan to tax oil companies.   (AP Photo/Susan Walsh)
Senate Finance chair Max Baucus, D-Mont., center, accompanied by fellow Senate Democrats, listens to a question during a news conference on Capitol Hill in Washington, Tuesday, June 10, 2008.   (AP Photo/Susan Walsh)
Sen. Kay Bailey Hutchison and fellow Republicans today blocked a Democratic plan to levy a windfall profit tax on big oil companies.   (AP Photo)
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