House OKs New Oil Company Taxes

CAPITOL HILL (AP) -- Declaring a new direction in energy policy, the Democratic-led House has approved 16 billion dollars in taxes on oil companies.<br/><br/>The House passed the tax provisions by a vote

Saturday, August 4th 2007, 4:33 pm

By: News On 6

CAPITOL HILL (AP) -- Declaring a new direction in energy policy, the Democratic-led House has approved 16 billion dollars in taxes on oil companies.

The House passed the tax provisions by a vote of 221-189. Earlier it had approved, 241-172, a companion energy package aimed at boosting energy efficiency and expanding use of biofuels, wind power and other renewable energy sources.

House Speaker Nancy Pelosi declared: "We are turning to the future."

The two bills were passed at an unusual Saturday session as lawmakers prepare to leave town for their monthlong summer recess. The measures will be merged with legislation passed by the Senate in June.

Republican opponents said the legislation ignored the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned what he called the "pure venom" against the oil and gas industry.