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2008-06-11 Home Front Economy

U.S. Senate blocks debate on energy tax measures

The U.S. Senate on Tuesday voted against taking up a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources. A week after U.S. oil prices hit an all-time peak of $139.12 a barrel and average U.S. pump prices topped $4 a gallon for the first time, Democrats moved to act on soaring gasoline pump prices, which are a growing political liability in the November presidential election.

The Consumer-First Energy Act -- assembled by Senate Majority Leader Harry Reid and other key Democrats -- would tax big energy companies and seek to put checks on oil market speculation. But the bill's opponents -- mostly Republicans -- blocked a key vote that would have allowed the Senate to formally debate the bill. The White House had threatened to veto it.

Posted by Fred 2008-06-11 00:00|| || Front Page|| [11130 views ] Top

#1 I would not like to be in the shoes of speculators that would hold the bag when the bubble bursts.

Posted by Spike Uniter 2008-06-11 00:16|| 2008-06-11 00:16|| Front Page Top

#2 the price per gallon is approaching: "f*ck the wildlife, drill at ANWR!!" I just hope Maverick's smart enough to get in front of the wave. No assurances yet, and given his previous "principled positions" I ain't holding my breath

Posted by Frank G">Frank G 2008-06-11 00:22|| 2008-06-11 00:22|| Front Page Top

#3 Lets see, we need more petroleum, and the f**king idiot Democrats want to TAX NEW REVENUES?

Way to go Dems- tax it until it disappears. You are at fault for hte shortages already by blocking US drilling, shale na d refineeris and making Nukes prohibitively expensive by allowing the environ nuts to entangle them in long expensve lawsuits. THe Dems alos are hte ones that passed the laws allowing all the specualtion in commodities wiht little money and large margins.

Like $4 gas? Vote DEMOCRAT - they brought it to you.

Posted by OldSpook 2008-06-11 01:26|| 2008-06-11 01:26|| Front Page Top

#4 Actually, dhimmirat POTUS would probably result in gas close to $8/gal (to match up with their yuropeon better ones).

Posted by Spike Uniter 2008-06-11 01:58|| 2008-06-11 01:58|| Front Page Top

#5 Anybody remember Speaker Pelosi promising to fix the gas prices 18 months ago?

Posted by Bobby 2008-06-11 06:25|| 2008-06-11 06:25|| Front Page Top

#6 Bobby - the GOP would be smart to run ads with her saying that, while the scroll the Demcorats votes blocking new exploration, drillling and so on.

Run it in EVERY Blue Dog district to remind people who the blue-dog Dems have supported.

Posted by OldSpook 2008-06-11 09:09|| 2008-06-11 09:09|| Front Page Top

#7 Newt Gingrich has a petition at AmericanSolutions.com to get domestic drilling going. Apparently, Utah, Colorado, and Wyoming have supplies that rival the Middle East but it has been cheaper to buy from the Saudis, until now. And why is China drilling 50 miles off US shores?

Posted by Thealing Borgia6122 2008-06-11 11:24|| 2008-06-11 11:24|| Front Page Top

Approves

Posted by DMFD 2008-06-11 18:39|| 2008-06-11 18:39|| Front Page Top

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