Bush team resists tax hit on oil profits

The Bush administration, facing mounting pressure from the U.S. Congress to address record energy costs, has ruled out a tax on soaring oil company profits.

Energy Secretary Samuel Bodman said yesterday that he opposes any proposal for a windfall profits tax. He was responding to a question at a Senate hearing about a Deutsche Bank analyst report that the White House might offer a plan to tax oil companies to fund home heating aid for low-income families.