|U.S. Chamber of Commerce 2007 Senate Scorecard description
In a significant victory for the Chamber, … In a significant victory for the Chamber, the Senate failed to garner the 60 votes necessary to end debate on an amendment to H.R. 6, the CLEAN Energy Act of 2007, that would have levied punitive taxes on the oil and natural gas sector. As a result of this 57-36 vote, the tax increases were not included in the Senate energy package passed on June 21. The tax increase would have exceeded $32 billion and would have singled out the oil and natural gas industry for punitive tax treatment to pay for unproven alternative energy technologies that are not yet economically viable. Moreover, the tax increases likely would have been passed onto consumers, leading to higher prices for gasoline and home heating.Throughout 2007, the Chamber strongly opposed several schemes considered in the House and Senate to target the oil and natural gas sector for new taxes. Fortunately, no punitive tax increases were included in energy policy legislation, ultimately signed into law by President Bush on December 19. into law by President Bush on December 19.