By SPA
Washington : The U.S. House of Representatives on Wednesday approved $18 billion in new taxes on the largest oil companies as Democrats cited record-high oil prices and rising gasoline costs in a time of economic difficulties.
The money collected over 10 years would provide tax breaks for wind, solar, and other alternative energy sources and for energy conservation. The legislation, approved 236 to 182, would cost the five largest oil companies an average of $1.8 billion a year over that period. Those five companies earned $123 billion in profits last year.
Senate Democratic leaders said they would put the bill on a fast track and try to avoid Republican delaying tactics. The White House said the bill unfairly punishes the oil industry, and President George W. Bush is expected to veto the legislation if it passes Congress.