Bill Drills Big Oil With Big Taxes

Law360 (May 18, 2007, 12:00 AM EDT) -- In an effort to stop oil companies from pumping up their profits even more, Connecticut Congresswoman Rosa DeLauro introduced a bill on Thursday that would call for a 50% tax on crude oil profits over $50 a barrel.

The bill, called the Windfall Energy Alternatives for the Nation Off of Oil Act, is meant to prevent what DeLauro called “excessive oil profits.” It comes at a time when oil companies are making record sums of money while the price of gasoline continues to rise.

“Record gas...
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