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GOP blocks windfall taxes on Big Oil
Senate Republicans blocked a Democratic plan to tax windfall profits of the five largest U.S. oil firms. The proposal would have raised $4 gas prices and broadened anti price gouging action. critics warned it could curb domestic production while supporters argued it addressed sky high prices. Major players Exxon Mobil Chevron Shell BP and ConocoPhillips faced a partisan clash as oil trades hovered near record highs.
MENTIONED IN THIS ARTICLE
Washington
Senate Republicans
GOP
Kansas
Sam Brownback
Pat Roberts
U.S
OPEC
Byron Dorgan
D-N.d
Congress
Capitol
Mary Landrieu
Louisiana
Senate
Harry Reid
Charles Schumer
D-N.y
Schumer
Exxon Mobil Corp
Chevron Corp
Shell Oil Co
BP America Inc
ConocoPhillips Co