Media Blog

AP on “Windfall” Profits

Since the AP is declaring that the current level of profitability of the oil companies are, in fact, “windfall profits,” would they be so kind to let readers know how exactly they’ve defined the term?

WASHINGTON (AP) — Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America’s anger over $4 a gallon gasoline.

And for that matter, one day Democrats will have to define “unreasonable”:

The Democratic energy package would have imposed a tax on any “unreasonable” profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill’s supporters argue has added to the crude oil price surge.

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