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Oil Companies Could Face Billions In New Taxes

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Feb 27, 2008 2:34 am US/Eastern

Oil Companies Could Face Billions In New Taxes

Money Would Fund Alternative Energy Sources

WASHINGTON (AP) ― The House has approved $18 billion in new taxes on the largest oil companies.

The money collected over 10 years is intended to provide tax breaks for wind, solar and other alternative energy sources and for energy conservation.

The measure passed by the House by a 236-182 vote Wednesday as lawmakers cited record oil prices and rising gasoline costs.

Senate Democratic leaders say they will put the bill on a fast track and try to avoid a Republican filibuster. The White House says the bill unfairly singles out the oil industry. President Bush is expected to veto the legislation if it passes Congress.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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