E-mail this story to a friend Have comments? Send them to the editor. Printer Friendly Version Subscribe for Free!

Page 2 of 2

Aside from the windfall tax proposal, the Democrats' plan reflects largely resurrected energy proposals that have advanced in the past, but never had enough support to make it through Congress.

A proposal to end $17 billion in tax breaks for the largest oil companies passed the House, but was taken out of a broad energy bill last fall because Democrats couldn't get the 60 votes needed to overcome a GOP filibuster.

A measure that would impose stiff penalties for energy price gouging previously passed the House and Senate in separate forms, but was stripped out of the energy bill signed into law by Bush last December.

Proposals that would give new authority for federal regulators to address market manipulation in electronic energy trading -- the so-called Enron loophole -- also has been proposed before. Enron Corp., the infamous energy company that went bankrupt after an accounting scandal, convinced Congress seven years ago to exempt certain electronic trading from federal jurisdiction.

A proposal that would open the way for the Justice Department to pursue antitrust actions against the OPEC oil cartel also is not new, having been offered before, only to fall by the wayside.

>> Back -- Page 1 2

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

++ Discuss this topic in The Forum

Current rating: 5.0 out of 5.0 (4 total votes)