Republican block bill to slap taxes on oil companies
( dpa ) - Senate Republicans on Tuesday blocked a bill that would have slapped taxes on the windfall profits earned by large oil companies.
The 51-43 vote fell nine short of the threshold needed to end debate and bring the Democratic bill to a vote.
The bill would have placed a 25 per cent tax on any profits beyond what is considered reasonable by comparing revenue from previous years.
The bill was aimed at the five largest oil companies and was designed to help alleviate record high gas prices facing American motorists. Gas in the United States now costs more than 4 dollars per gallon (about 95 cents per litre).
Any money from the tax increase would have been used to fund the development of alternative energy.