Republicans block extra taxes on oil companies

By H. JOSEF HEBERT, Associated Press Writer
via Yahoo News

WASHINGTON - Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.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. (WONDER HOW MUCH THEY HAVE ALL RECEIVED IN CAMPAIGN CONTRIBUTIONS?)

"The American people are clamoring for relief at the pump," said Sen. Pete Domenici, (A REAL MAN OF THE PEOPLE, HUH?) 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."

Read the rest of the story at;
http://news.yahoo.com/s/ap/20080610/ap_on_go_co/congress_oil_profits