Senate Debates Profits Tax for Oil Companies

The Senate is set to vote on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade. The Democrats' energy package also would: make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency; authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel; and require traders to put up more collateral in the energy futures markets to curb speculation.