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Bush Rejects Tax on Oil Companies' Profits
WASHINGTON (AP) - President Bush on Friday rejected calls in Congress for a tax on oil
company profits, saying the industry should reinvest its recent
windfalls in finding and producing more energy.
Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
"The temptation in Washington is to tax everything," Bush said in an exchange with reporters in the White House Rose Garden. Rather than for the government to reap the benefit from oil company profits driven by the recent surge in global oil prices, he said, "The answer is for there to be strong re-investment."
"These oil prices are a wakeup call," Bush said. "We're dependent on oil. We need to get off oil."
Copyright 2006 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
