Senate Republicans Block Windfall Tax on Oil Companies

by Andy Barr - 06/10/08 1:55 PM ET

Senate Republicans successfully batted down a windfall profits tax on oil companies Tuesday.

Democrats failed to end debate with a 51-43 vote on a bill that would have taxed any “unreasonable” profits by the five largest oil companies during a time when prices at the pump hover above the $4-a-gallon mark.

The bill would have also given the federal government more leeway in dealing with oil price speculators who have been blamed by some for the recent surge in oil prices.

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