Taxing Windfall Profits

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By KULR Staff

Story Published: Jun 11, 2008 at 5:21 AM MST

Story Updated: Jun 11, 2008 at 5:21 AM MST

U.S. - Senate Republicans blocked a Democratic plan to tax the windfall profits of the largest oil companies.

Democrats argued oil companies should have to pay right along with drivers facing $4 dollar gas.

Sen. Jon Tester, (D) Montana said, "I remember when gas was a buck forty-six. It wasn't that long ago. It was before the Bush administration took over. That was before the war in Iraq, before speculators and market manipulators spiraled out of control. Before that $17 billion tax cut for our nation's biggest oil companies."

Republicans say higher taxes on oil companies would increase, not lower, gas prices.

Wyoming republican Senator John Barrasso, said Tuesday the key to a long-term energy plan is developing domestic energy.

Sen. John Barrasso, (R) Wyoming said, “We need a program just as successful at bringing together private business and the government, just as they did in the '60's to put the Apollo moon program together, the best minds and scientists, we can do the same thing with energy but it's going to take an investment by the government to get it done.”

The windfall tax was part of two efforts that failed in the senate Tuesday aimed at addressing soaring gas prices.

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pkt said on Wednesday, Jun 11 at 10:58 AM

brazilian ethanol imported is ONLY $1.50 a gallon, but farm / ag lobby imposes high taxes.

Jason said on Wednesday, Jun 11 at 6:25 AM

I do not understand the GOP position. How will adding 1% to our supply (supply and demand are NOT the cause of oil prices) reduce the price of oil.

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