Gas prices continue to climb and oil companies continue to profit, while drivers pay the price at the pump. The national average for a gallon of regular unleaded gas currently stands at $4.04, and shows no signs of slowing its climb.

As driver Mike Howdyshell pointed out, "$114 to fill up. Ridiculous. I live in Maryland and it was $4.50 a gallon when I left there. So I came here because it's $4.09. That's why I came all the way to Virginia."

As the cost to drivers mounts, the profits for oil companies continue to increase. During the first quarter of this year, the five largest U.S. oil companies earned $36 billion.

In an attempt to stem rising prices, Senate Democrats are targeting some of that bottom line. Today, senators are to vote on an energy package that would tax the profits of the five largest oil companies as well as rescind $17 billion in oil company tax breaks over the next ten years. Those funds would be funneled into tax incentives for renawable energy sources and the promotion of energy efficiency and conservation.

The bill needs 60 votes to pass, and Senate Republicans are poised to block it, threatening a filibuster if the bill comes to a vote. They have argued that increased domestic production is a better solution to the problem of rising gas prices

Email To A Friend