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US Senate Republicans block Democrats' attempts to impose windfall tax on oil companies

US Senate Republicans block Democrats' attempts to impose windfall tax on oil companies

U.S. Senate Republicans have blocked a Democratic plan to tax the windfall profits of the largest oil companies.
Democrats on Tuesday failed, 51-43, to get the 60 votes needed to overcome a Republican delaying tactic on the energy package, and bring the bill up for consideration.
Democrats said the huge profits enjoyed by the largest U.S. oil companies should be reined in with motorists paying more than $4 a gallon (euro0.64 per liter for gasoline and oil prices soaring well beyond $100 (euro65) a barrel. But Republican critics said higher axes on oil companies would increase _ not lower _ gasoline prices and reduce the incentive for domestic oil exploration and production.


Updated : 2021-01-17 02:46 GMT+08:00