RENEE MONTAGNE, host: NPR's business news starts with no new tax for big oil.</s>RENEE MONTAGNE, host: Senate Republicans squelched an effort by Democrats to impose a new tax on oil companies. The Democrats wanted to use the energy package to address frustration over rising oil and gas prices. U.S. oil companies are making tens of billions of dollars in profits as a result of high oil prices. Democrats wanted to tax these windfall profits and cut industry subsidies. Republicans argued oil companies aren't the ones pushing up prices and that punishing them with a 25 percent tax could discourage oil production.
U.S. oil companies are making tens of billions of dollars in profits as prices soar. Democrats wanted to tax the so-called "windfall profits" and take away subsidies. But Republicans said oil companies aren't the ones pushing up prices, and that punishing them with a 25 percent tax could discourage oil production.