By Leftlane Staff
Friday, Oct 28th, 2005 @ 1:28 pm

Some politicians are questioning why oil companies profited so much while consumers struggled to fill their tanks. Senate Majority Leader Bill Frist today called for Senate hearings to examine the reasons for high energy prices. Noting the contradiction between the soaring profits and squeezed consumer budgets, Frist requested that executives from the country’s major oil companies attend the hearings. At least one lawmaker is even demanding reimbursement for consumers. Earlier this fall, Sen. Byron Dorgan, D-N.D., proposed a temporary windfall tax on big oil companies — a 50-percent excise tax on oil company profits when the price of domestic oil is above $40 per barrel. The annual revenues collected from the tax would be returned to individual taxpayers as rebates.

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