Sen.: U.S. Should Look at Tax on Oil Cos.

[Judi Lynn]

Sen.: U.S. Should Look at Tax on Oil Cos.
18 minutes ago

WASHINGTON - The government should consider a tax on oil companies if they make excessive profits amid rising gasoline prices, a leading Republican senator said Sunday.

Pennsylvania Sen. Arlen Specter (news, bio, voting record), chairman of the Senate Judiciary Committee, said a windfall profits tax, along with measures to stem concentration of market power among a few select oil companies, could offer eventual relief to consumers hurting at the gas pump.

"I believe that we have allowed too many companies to get together to reduce competition," Specter said.

"They get together, reduce the supply of oil, and that drives up prices," he said. "In the short run, it's hard to deal with it for tomorrow. But I think windfall profits, eliminating the antitrust exemption, considering the excessive concentration of power are all items we ought to be addressing."
(snip/...)

http://news.yahoo.com/s/ap/20060423/ap_on_go_co/congress_oil

[napi21]

1. The first step is to remove the subsidies! I watched the hearing

when the oil co CEO's were testifying...not under oath. I don't remember which Sen asked, but each COE was asked if they've used their portion of the new subsidy, and every one of them said NO! That Sen. said well, we have an agreement! I'm going to sponsor a bill to eliminate it!!!! For some reason I thing it was Wyden from Oregon, but I'm not sure.

[postulater]

8. The second step

is to remove corporate standing as a person.

And the third step is to index the minimum wage to the price of non-renewable energy.

[Skittles]

2. good one, Arlen

you are with the greedy old pig party, remember?

[valerief]

3. Gotta pay for that war in Iran…Youran…Weran. n/t

[shraby]

4. And while you're at it Sen, Specter,

how about having them testify under oath. Also you could investigate the illegal wiretapping thoroughly with witnesses under oath. Oh, and how about checking on the phase II report on pre-war intel?

[Gin]

6. isn't this collusion?

They get together, reduce the supply of oil, and that drives up prices," he said.

[Atman]

5. "should consider" "IF they make excessive profits."

I smell lip service. Everything they've already made will be grandfathered. The oil companies own the GOP.

[bearfan454]

7. Damn right they do.

Lock, stock, and barrel.

[corporate_mike]

9. Tax would be passed on to customers

making gas prices even higher

[depakid]

11. Typical corporate answer

There are ways to ensure that doesn't happen- provided one is willing to put them into the policy AND enforce them.

[depakid]

10. Collusion

The entire history of the oil business has been about collusion.

Trouble is- not even the Dems- at least not the Clinton type Dems- are willing to enforce anti-trust laws anymore.

It'll be interesting to see if a windfall profits tax makes it onto the agenda. If the Republicans were smart, they'd coopt this issue and run with it.

[flamingyouth]

12. kick

[lovuian]

13. Specter wants a windfall profits tax

http://feeds.bignewsnetwork.com/?sid=f20cbf93abb7b8c4

Sen. Arlen Specter, R-Pa., says Congress should consider imposing a windfall profits tax on the U.S. energy business.

I think it's something worth considering, among a number of options, Specter, the influential chairman of the Senate Judiciary Committee, told CNN's Late Edition.

Specter said a windfall tax would not help immediately, but I think windfall profits, eliminating the antitrust exemption, considering the excessive concentration of power, are all items we ought to be addressing
more... Ya here it is eliminating antitrust exemptions...

[aquart]

14. Oooo. They're scared BIG.

Believe it when I see it.

[lovuian]

15. I can guarantee it will be a drop in the bucket...

something more to steal from Americans...

[Robbien]

16. The word in the oil market sites is that this is just talk

for political cover. The same as Bush's probe into gas prices.

The GOP will never bite the hand that feeds them.

[MiniMe]

17. A windfall profits tax does nothing for the consumer

We have already paid for their price gouging, who do you think will end up paying the tax? How about investigating them for price gouging instead? This is like a regressive tax increase, affecting the lower and middle class more than the upper class.

I wonder how long it will take the rethugs to figure out that this is in effect a tax increase?

[SoCalDem]

18. The problem with a windfall tax, is that prices can still stay HIGH

and the government will just have more money to "play with". They need to set a "fair price" and make the oil companies adhere to it.. If they claim they cannot, then they should be nationalized so the country can have a stable energy source at a price we can pay..

The money generated by the tax would NOT go back to the people who are being robbed..