Bush Rejects Oil Profit Tax Proposal

WASHINGTON --- President Bush today criticized calls in Congress for a tax on oil company windfall profits. Instead, Bush said, the industry should reinvest its windfall profits to find and produce more energy, the Associated Press reported.

Speaking to a group of reporters, Bush said “the temptation in Washington is to tax everything."

Earlier this week, Bush unveiled a four-prong approach to dealing with higher gasoline prices: investigate to ensure oil companies are not unfairly manipulating prices to inflate profits, offer tax credits to Americans who buy hybrid and other fuel-efficient vehicles, bolster domestic supplies by deferring deposits to the nation’s strategic petroleum reserves until the summer, and invest in alternative fuels.

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