Republicans Block Bill To Tax Oil Companies' Profits

Senate Republicans, including Kentucky’s Mitch McConnell, blocked a bill that would have taxed profits made by the five largest U.S. oil companies.

Democrats in the Senate pushed legislation to impose a "windfall profits" tax on the five largest oil companies in the U.S.

They are seeing huge profits, earning $36 billion in just the first three months of the year.

But, Republicans say the plan would have led to higher taxes and increased oil imports.

Senator McConnell came out strongly against the bill.

"I will vote against proceeding with this irresponsible bill, and I would advise my colleagues to do the same," says Senator McConnell.

The Democrats were 9 votes short of the 60 votes needed to overcome a G.O.P. filibuster against the energy package.

The question now: what's next to prevent gas prices from continuing to rise?

According to AAA, this week prices hit a national average of $4.04 a gallon for the first time.

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  • by henry Location: letcher on Jun 12, 2008 at 03:11 PM
    Look you NIMRODS take a step back and look at the garbage you are spouting do you for one second actually believe that the dem's are any different than the repub's. all you are doing is trading one set of crooks for another, what have the demo's done except conduct one investigation after another. kick both parties out on thir (edited)." GO INDEPENDENT" THINK FOR YOUR SELVES FOR A CHANGE. VOTE FOR RON PAUL IN NOV. LET THE REPUB'S AND THE DEM'S KNOW THEY ARE NOT THE ONLY CHOICE.
  • by Al Sharpton Location: NYC on Jun 12, 2008 at 12:32 PM
    ghettochip, you is da man o mah dreams.
  • by Zatoichi Location: Richmond on Jun 12, 2008 at 12:31 PM
    30 percent of oil stock is owned by the teachers unions in the US. Tax the profits and the 401k and retirement funds of a lot of folks is lost. Look out what you wish for for it may not be what you expect. Elect Obama and watch your retirement shrink even faster.
  • by ghettochip Location: richmond on Jun 11, 2008 at 07:12 PM
    1. Anonymous - why shouldn't oil companies help pay for all the gov't waste? Why should it fall on our shoulders? $36 billion in profit in 3 months? It may not make gas cheaper, but at least the companies can do something to help this economy, as opposed to just bathing in the filth of our money and watching us starve. THERE IS A WORLD FOOD CRISIS! 2. Reality -- you think that drilling is really a solution? Do you have no regard for our future? I have a child and I hope to God that he will be able to breathe on this planet and not have to live underground to keep from burning up on the surface. I can't believe people still think that is a solution. There are many alternatives (not ethanol) that will be more affordable without having so much impact on our environment or depleat the earth of its natural resources. Wake up, Reality! Go ahead and foolishly vote for McCain. Not only will you get your drilling wish, but the oil and food crises will only continue to get worse.
  • by Truth Location: Eastern Kentucky on Jun 11, 2008 at 03:53 PM
    130 Million people paid taxes in the US last year. The bottom 50% (65 Million taxpayers) paid a total of 22 Billion dollars in taxes. Mobil-Exxon, one big oil company paid a total of 27 Billion dollars in taxes, but to you liberals its not enough. Mitch McConnel has tried to get this do nothing Democrat led congress (gas was $2.20 a gallon when they took over) to allow AMERICANS to pump oil in AMERICA but liberals like Barrack, Hillary and McCain said NO to AMERICA and yes to Mid East dictators. So you liberals keep blaming Mitch so you can feel good when you pay through the butt for gas. Maybe you can start stealing gas from you neighbors. You are a sucker already.
  • by Gary Location: Sidney on Jun 11, 2008 at 03:41 PM
    "Mitch The Itch" is at it again! The rich Republicans (most in big oil) are profiting on the backs of all Americans. The windfall profits tax will lead to lower gas prices, but Mitch and the rich do not give a good (edited) about the American workers who struggle to put food on their tables. How can a poor / middle class person continue to vote for rich Republicans? Kentuckians should be very ashamed of its Republican senators. Maybe we get what we deserve for being stupid at the polls. Vote straight Democratic!
  • by Denise Location: Letcher County on Jun 11, 2008 at 09:28 AM
    Maybe finally now people will realize what a shape Bush and the republicans have got this country in. No, they could care less if gas goes to $10.00 a gallon. As long as they get their pockets full they don't care. Bush is the worst president we have ever had in my lifetime.
  • by Anonymous on Jun 11, 2008 at 08:16 AM
    I must ask, how does taxing oil companies make gas cheaper?
  • by Reality Location: Kentucky on Jun 11, 2008 at 06:30 AM
    What rationale is there to beleive that this tas would increase supply or lower tax. If anger needs to be vented - take it out on Congress - the ones that won't let us drill. This may not be a long term solution but if it had happened in 1995, we wouldn't be in this position now.
  • by Anonymous Location: Pikeville on Jun 11, 2008 at 06:06 AM
    Thanks Mitch, you Repulicans keep reminding me of why I never vote for any of you (except Hal Rogers). Why don't you try to live on minimum wage for a year and see how well you do with that $4 a gallon gas. Hell, try working for $10 an hour and see how far it gets you. I challenge all you rich Republicans for freeze your accounts and live on less than $10 an hour for a year. Live in OUR shoes!!
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