From: Reuters
Published May 7, 2008 02:13 PM

Senate Democrats unveil new energy tax plan

WASHINGTON (Reuters) - Democrats in the U.S. Senate on Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources.

The Consumer-First Energy Act -- assembled by Senate Majority Leader Harry Reid and other key Democrats -- would also stop the Energy Department from filling the Strategic Petroleum Reserve until crude oil prices average $75 a barrel or less for 90 days.

The bill would have to pass the Senate and be approved by the U.S. House of Representatives and White House before becoming law.

(Reporting by Chris Baltimore)

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