GOP Block Dem Tax On ‘Windfall’ Oil Profits

From those energy experts at the Associated Press:

Vehicles line up for diesel at a gas station in Baokang, Hubei province April 30, 2008. After nearly exhausting its oil policy toolkit, Beijing has one last gambit to help it bolster oil company profits and avoid a painful rise in fuel prices before the Olympics — relaxing its windfall production profit tax.

Senate blocks plan to add oil company tax

WASHINGTON (AP) — Senate Republicans have blocked a proposal to tax oil industry windfall profits.

With gasoline prices topping $4 a gallon, Senate Democrats wanted the government to grab some of the billions of dollars in profits being taken in by the major oil companies.

Senators voted on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.

“The oil companies need to know that there is a limit on how much profit they can take in this economy,” said Sen. Richard Durbin of Illinois, the Senate’s No. 2 Democrat, warning that if energy prices are not reined in “we’re going to find ourselves in a deep recession.”

But the Democrats had to try to overcome staunch Republican opposition to any new taxes on the oil industry. The five largest U.S. oil companies earned $36 billion during the first three months of the year.

Majority Leader Harry Reid, D-Nev., needed 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster.

Didn’t the Democrats learn anything from the Carter ascendency?

From Wikipedia:

Windfall profits tax

The Congressional Research Service has analysed that the windfall profit tax brought in $80 billion in extra revenues for the United States government, which was far less than the projected $393 billion. Also, domestic oil production by oil producers was said to be lowered.

And please note the Reuters caption to the photo at the top (for another article):

Beijing has one last gambit to help it bolster oil company profits and avoid a painful rise in fuel prices before the Olympics — relaxing its windfall production profit tax.

So what do the Communist Chinese know that our Democrats in Congress don’t?

Related Articles:

• Reuters Omits 'Oil Protesters' Are Code Pink
• Saudis See No Reason To Boost Oil Production
• AP: Military In Iraq Also Gouged By Big Oil
• Obama To End Big Oil, Start Carbon Credits
• Democrats Uphold Off-Shore Drilling Ban