Senate GOP blocks oil taxes
WASHINGTON (AP) - June 10, 2008 The Democratic energy package would have imposed a tax on any
"unreasonable" profits of the five largest U.S. oil companies and
given the federal government more power to address oil market
speculation that the bill's supporters argue has added to the crude
oil price surge.
"Americans are furious about what's going on," declared Sen.
Byron Dorgan, D-N.D., and want Congress to do something about oil
company profits and "an orgy of speculation" on oil markets.
But Republicans argued the Democratic proposal focusing on new
oil industry taxes is not the answer to the country's energy
problems.
"The American people are clamoring for relief at the pump,"
said Sen. Pete Domenici, R-N.M., but if taxes are increased on the
oil companies "they will get exactly what they don't want. The
bill will raise taxes, increase imports."
The Democrats failed, 51-43, to get the 60 votes needed to
overcome a GOP filibuster and bring the energy package up for
consideration.
