Bush Rejects Tax on Oil Companies' Profits

By Terence Hunt
The Associated Press

Friday 28 April 2006

Washington - President Bush on Friday rejected calls by some lawmakers for a tax on oil company windfall profits, saying the industry should reinvest its recent gains into finding and producing more energy.

"The temptation in Washington is to tax everything," Bush said in an exchange with reporters in the White House Rose Garden. "The answer is for there to be strong reinvestment to make this country more secure from an energy perspective."

With gasoline at over $3 a gallon in some areas, Bush said there was "no evidence" of price-gouging of consumers.