An energy bill that would have placed heavier taxes on major oil companies failed to garner enough support in the Senate today.
The Democratic proposal aimed to roll back $17 billion in tax breaks for major oil companies. It would have also placed additional tax burdens on oil companies that did not invest in alternative energy sources.
The bill did not obtain enough votes to be taken up for full consideration.
Source: http://www.nytimes.com/2008/06/11/business/11congweb.html?hp
