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.
News like this makes me happy! There were some good provisions in the bill but also some very scary ones:
- Require traders to put up more collateral in the energy futures markets
- rescinded oil company tax breaks â€” worth $17 billion over the next 10 years
- The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion.
- Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel.
- The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined "reasonable" when compared to profits several years ago.
Publicly held Oil companies are such small potatoes on the oil scene. Their profits are nothing compared to nationalized oil companies.
Sue OPEC? Oil may be expensive but it is available. Suing the oil producers will only make things worse, as will price fixing.
I'm all for getting rid of there tax subsidies and wasn't there something about drilling in the gulf of Mexico? Something about some deals cut during Clinton's term that had some sort of loophole that stopped them from being cut (the tax subsidy) even though they have surpassed the trigger price?
Let's just go nuclear and cut over to electric cars.