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By a vote of 51-43 Senate Republicans were able to block a bill that would have rolled back $17 billion dollars in tax breaks and placed a windfall profits tax on the largest oil companies. The bill would have used the money from the tax to develop alternative energy.
The bill also would have made oil and price gouging a federal crime a presidentially declared emergency with the penalty being a $5 million fine, and it would have authorized the Justice Department to bring price fixing charges against OPEC member countries. In an attempt to discourage speculation, traders would have been required to put up more collateral in the energy futures market.
Republicans believe that the answer to this problem is in increasing domestic production,
“We have a better plan for addressing gas prices, one that respects the laws of supply and demand.
In addition to the two provisions I’ve already mentioned, our bill mandates that billions of gallons of coal-derived fuels be produced through clean coal technologies as a way of further reducing our dependence on foreign sources of oil, Senate Minority Leader Mitch McConnell (R-KY) said
Originally posted by Grafilthy
Wow RR....I'm new here as a member, but I have been watching you for a while.....you surely know how to put so much spin on almost any subject you make me dizzy. I fail to understand how taxing these RECORD PROFITS will hurt our economy??