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Republicans block windfall taxes on oil companies
By H. JOSEF HEBERT – 42 minutes ago
WASHINGTON (AP) — Senate Republicans have blocked a Democratic plan to tax the windfall profits of the largest oil companies.
Democrats on Tuesday failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster of the energy package, and bring the bill up for consideration.
Democrats said the huge profits enjoyed by the largest U.S. oil companies should be reined with motorists paying more than $4 a gallon for gasoline and oil prices soaring well beyond $100 a barrel. But Republican critics said higher taxes on oil companies would increase — not lower — gasoline prices and reduce the incentive for domestic oil exploration and production.<!-- google_ad_section_end -->
http://ap.google.com/article/ALeqM5g8pZNJhU9yup14pmAsKngt5uDksAD917A9181
WASHINGTON (AP) — Senate Republicans have blocked a Democratic plan to tax the windfall profits of the largest oil companies.
Democrats on Tuesday failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster of the energy package, and bring the bill up for consideration.
Democrats said the huge profits enjoyed by the largest U.S. oil companies should be reined with motorists paying more than $4 a gallon for gasoline and oil prices soaring well beyond $100 a barrel. But Republican critics said higher taxes on oil companies would increase — not lower — gasoline prices and reduce the incentive for domestic oil exploration and production.<!-- google_ad_section_end -->
http://ap.google.com/article/ALeqM5g8pZNJhU9yup14pmAsKngt5uDksAD917A9181
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