WASHINGTON, June 10, 2008
Republicans Block Taxes On Big Oil Profits
Senate GOP Stops Dems' Effort To Rein In Profits Of Largest Oil Companies As Gas Prices Soar
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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.
The American Petroleum Institute, which represents the major oil companies, has been reminding lawmakers that in the early 1980s, when the government imposed windfall profits taxes on oil companies domestic oil production dropped and imports increased.
But Democrats reject the comparison.
"If you don’t tell the big oil companies they can no longer run energy policy in America, we will not succeed, plain and simple," Sen. Charles Schumer, D-N.Y., told CBS Radio News.
Separately, Democrats also failed to get Republican support for a proposal to extend tax breaks for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. The tax breaks have either expired or are scheduled to end this year.
The tax provisions were included in a broader $50 billion tax measure blocked by a GOP filibuster threat. A vote to take up the measure was 50-44, short of the 60 votes needed.
The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined "reasonable" when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation.
The legislation also would:
Republican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats' response and has ridiculed those who "think we can tax our way out of this problem."
"Republicans by and large believe that the solution to this problem, in part, is to increase domestic production," McConnell said.
A GOP energy plan, rejected by the Senate last month, calls for opening a coastal strip of the Arctic National Wildlife Refuge in Alaska to oil development and to allow states to opt out of the national moratorium that has been in effect for a quarter century against oil and gas drilling in more than 80 percent of the country's coastal waters.
© MMVIII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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Michelle Obama tells how her role as the First Lady has changed her perspective.
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See all 1070 CommentsWASHINGTON %u2014 A House subcommittee has rejected a Republican-led effort to open up more U.S. coastal waters to oil exploration.
Rep. John Peterson, R-Pa., spearheaded the effort. His proposal would open up U.S. waters between 50 and 200 miles off shore for drilling. The first 50 miles off shore would be left alone.
But the plan failed Wednesday on a 9-6, party-line vote in a House appropriations subcommittee, which was considering the proposal as part of an Interior Department spending package.
With record oil prices and gas prices projected to hover around the $4 mark for the rest of the summer, Republicans have ratcheted up their efforts to open up oil exploration along U.S. coastline. But the long-sought change has so far been unsuccessful.
Oh,I know why, because you can''t blame Republicans
A-wipe Democrats can only do things for perceived political gain. They knew that the GOP would reject the windfall tax plan. They only want to have a political issue. They know it does not work It was tried in the 80''s and what happened? Thats right the price of fuel went up.
You Lib''s are so gullible
Posted by ofbyfor1 at 07:49 AM : Jun 11, 2008
Now you''re going to confuse the Limbaughbats
I''m always amused when I hear people react by using the term ''socialism''. Your local police, fire and emergency services, as well as education, infrastructure, highways and military are ''socialized''. If you are against that, then answer me this--would you be willing to go without all of the above or should we each get an individual bill for the extent to which we use them?
Related-
"Fuel price protest goes global as anger mounts"
"A global backlash over high fuel prices escalated on Tuesday. Truck drivers were killed in Spain and Portugal while manning picket lines, and violent protests spread to India."
Come on U.S. truckers!
What are you waiting for?!!!
Re: "Posted by FeelFree4U at 07:06 AM****************Spoken like a true socialist. Work for what you want. Then come ask if I want to sell you some of what I have."
Posted by maxify55
I''m pretty sure that you have nothing that I would be interested in.
Posted by maxify55 at 07:21 AM : Jun 11, 2008
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Nobody really appreciates the true artistry of a blithering, uninformed dumass anymore. But I appreciate you maxify55.
The question is, how big of a price will the Repubs pay in the fall for this deed against their constituents?
Ah the usual, he still thinks Iraq had WMDs and that Bush should continue his genocide against Muslims, this is his service to Kali, the goddess of death worship.
Posted by terrorislami at 05:44 AM : Jun 11, 2008
You reallyaren''t very bright first thing in the morning--all that death and destruction was 100% unnecessary and wouldn''t have happened if Bush was more dtermined to go after the oil in Iraq than to go after Bin Laden in Afganistan.
Those are two seperate unrelated events and at the time our priority was to go after those responsible for 911--thats it!!
I LOVE IT!
Posted by corey2444
I second that!
Re: "It''s called the Great Brain Drain."
Posted by maxify55
Looks like yours got sucked down it.
Related-
"Fuel price protest goes global as anger mounts"
"A global backlash over high fuel prices escalated on Tuesday. Truck drivers were killed in Spain and Portugal while manning picket lines, and violent protests spread to India."
Come on U.S. truckers!
What are you waiting for?!!!
they must be very very expensive then,,,
thomas jefferson and james madison was having non of that,,, and they sent americas military to kick fascist nazi terrorislams arses in barbary war one and barbary war two,,, why two wars,,, fascist nazi terrorislamists break treaties,,, sound familiar??? can you say iraq,,,
It is a settled policy of America, that as peace is better than war, war is better than tribute. The United States, while they wish for war with no nation, will buy peace with none. President James Madison
the defeat of fascist nazi terrorislam,,,
It is a settled policy of America, that as peace is better than war, war is better than tribute. The United States, while they wish for war with no nation, will buy peace with none. President James Madison
the Iraqi war is legal, demonic-rat hero oscar, emmy, nobel prize winning al bore says so,,,
it actually never ended since it only stopped by the signing of a ceasefire,,, just like the korean war,,,
the resumption of hostilities was only a matter of time since iraq broke the ceasefire agreement,,,
blame saddam for iraq,,, Even clintoon and the dems wanted the resumption of hostilities back in 1998,,,
"We know that he has stored secret supplies of biological and chemical weapons throughout his country." - Al Gore, Sept. 23, 2002
"Iraq''s search for weapons of mass destruction has proven impossible to deter and we should assume that it will continue for as long as Saddam is in power." - Al Gore, Sept. 23, 2002
Moreover, no international law can prevent the United States from taking actions to protect its vital interests, when it is manifestly clear that there is a choice to be made between law and survival. I believe, however, that such a choice is not presented in the case of Iraq. Indeed, should we decide to proceed, that action can be justified within the framework of international law rather than outside it. In fact, though a new UN resolution may be helpful in building international consensus, the existing resolutions from 1991 are sufficient from a legal standpoint. - Al Gore, Sept. 23, 2002
http://www.gwu.edu/~action/2004/gore/gore092302sp.html
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