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Senate conservatives block windfall profits tax.

By Satyam Khanna  

"Senate conservatives block windfall profits tax."

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The AP reports that Senate Republicans have blocked a 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 GOP filibuster of the energy package, and bring the bill up for consideration.” Proponents of the legislation “said the huge profits enjoyed by the largest U.S. oil companies should be reined [in] with motorists paying more than $4 a gallon for gasoline and oil prices soaring well beyond $100 a barrel.”

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