GOP Stops New Levies on Oil Firms in Tax Bill

By THE ASSOCIATED PRESS

WASHINGTON – Senate Republicans beat back Democratic attempts Thursday to use a $60 billion tax bill to pinch oil and energy companies that have been reporting record profits while consumers pay high gasoline prices.

The bill, which would prevent a number of individual and business tax breaks from expiring, already levies more than $4 billion in taxes on major oil companies.

The energy amendments faced opposition from the Republican majority and stood little chance of success. But they reflected attentiveness on Capitol Hill to high gasoline prices and fears of skyrocketing home heating costs this winter.

Some GOP senators already were unhappy with tax writers because the bill included a change in accounting methods that would hit the largest integrated oil companies with $4.3 billion in taxes.

Lawmakers were alarmed this fall when profit reports showed five major companies and their global parent corporations earned more than $32.8 billion in the July to September quarter.

Consumers saw gasoline prices soar beyond $3 a gallon in the aftermath of supply disruptions caused by hurricanes, and the politicians called oil executives to Capitol Hill to explain their huge profits.