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Does Big Oil's Apathy Justify Proposals to Tax Windfall Profits?

Posted on July 03, 2008

Crude Oil's relentless march towards the near term spike target of $150 is now threatening to send the Global Economy into a recession. Big Oil companies (Exxon-Mobil (XOM), Chevron (CVX), Royal Dutch Shell (RDS.A), BP (BP) and ConocoPhillips (COP)) are in the thick of the controversy as the rising price of oil has seen their profits sky-rocket. Congress smells an opportunity to cut the Federal Deficit and score election year brownie points, and is pondering legislation to impose windfall taxes on Big Oil companies. As expected these bills did not garner enough support to even get to a vote in...

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congress , election , republican , senate