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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