Earth Equity News

Senate Republicans Block Windfall Taxes on Big Oil and Extension of Tax Breaks for Wind and Solar. By H. Josef Hebert, AP, June 11, 2008. "Saved by Senate Republicans, big oil companies dodged an attempt Tuesday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to the record gasoline prices that have the nation fuming... The Democratic energy package would have imposed a 25 percent tax on any 'unreasonable' profits of the five largest U.S. oil companies, which together made $36 billion during the first three months of the year. It also would have given the government more power to address oil market speculation, opened the way for antitrust actions against countries belonging to the OPEC oil cartel, and made energy price gouging a federal crime... But Republican leaders said the Democrats' plan would do harm rather than good -- and they kept the legislation from being brought up for debate and amendments... Shortly after the oil tax vote, Republicans blocked a second proposal that would extend tax breaks that have either expired or are scheduled to end this year for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. Again Democrats couldn't get the 60 votes to overcome a GOP filibuster."