Senate Republicans yesterday blocked a proposal to tax the windfall profits of the nation's biggest oil companies and eliminate some of the firms' tax breaks. The bill would have used the revenue to create an Energy Independence and Security Trust Fund, tasked with reducing U.S. dependence on foreign and "unsustainable" energy sources and reducing the risks of global warming.
The bill also would have instructed the Justice Department to pursue members of OPEC for alleged price fixing and required oil traders to put up more cash on futures exchanges to address speculation, which many observers believe is contributing to the unprecedented run-up in world crude oil prices.
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