Senate Republicans on Tuesday blocked a proposal to tax the windfall profits of the nation's biggest oil companies and eliminate some of the firms' tax breaks, rejecting Democratic claims that the measure would help assuage consumer anger over $4-a-gallon gasoline…. The 51-43 Senate vote fell nine short of the 60 required to proceed to debate on the Democrat-sponsored energy measure, which would have erased $17 billion in tax breaks for oil companies over 10 years. It also would have created a levy on 'unreasonable' profits collected by the five largest U.S. oil companies. (Chicago Tribune, Wednesday)
Giving politicians money is no way to increase the supply of gasoline.
FEE Timely Classic
Hands Off Windfall Profits by Sheldon Richman