Senate Dems Fail in Bid
For Windfall Oil-Profits Tax
http://www.foxnews.com/story/0,2933,364846,00.htmlDemocrats' Oil Windfall Tax Plan Fails in Senate Vote
WASHINGTON — Senate Democrats failed to gain enough votes on an energy bill that would have imposed higher taxes on oil companies, which are making record profits as oil and gasoline costs continue surging higher.
Republicans led a charge against the tax, saying it would tinker with the market and lead to suppressed oil supplies at home, and wouldn't bring in the money as planned.
The American Petroleum Institute, which represents the major oil companies, has been reminding lawmakers that in the early 1980s, when the government imposed windfall profits taxes on oil companies, domestic oil production dropped and imports increased.