Gas Price Spike Act of 2005

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http://www.kucinich.us/floor_speeches/gas_price_spike_act4may.php

Gas Price Spike Act of 2005

Introducing the Gas Price Spike Act of 2005
Dennis Kucinich speaking from the Floor of the House

Link to this entry in the Congressional Record
http://frwebgate.access.gpo.gov/cgi-bin/getpage.cgi?position=all&page=H2884&dbname=2005_record

May 4, 2005

"Mr. Speaker, as the summer peak driving period begins and as gas prices remain high, I am introducing legislation today to reduce the price of gasoline. The bill, The Gas Price Spike Act of 2005, is co-sponsored by 33 Members of Congress.

"The bill will address the spike in price of gasoline by placing a windfall profits tax on oil companies; giving tax credits for the purchase of ultra efficient vehicles; and provide federal grants to reduced mass transit fares.

"Consumers are being gouged at the gas pump. And, the only thing rising faster than the price of gasoline right now is the skyrocketing profits of the oil companies.

"Washington can no longer ignore this issue. High gas prices are eating away at consumer's disposable income and could lead to a further economic downturn.

"The bill will:

* "Institute a windfall profit tax on gasoline and diesel. Such a tax is to be imposed on all industry profits that are above a reasonable profit level. This proposal would not increase the cost of gasoline because this proposal does not tax the price of gasoline. It only taxes excessive profits of refineries and distributors. Any attempt to increase prices to recover the lost revenue in taxes is simply taxed at 100% making the price increase worthless.

* "Transfer the revenue from the windfall profits tax to Americans who would buy ultra efficient cars, made in America, with a tax credit. These will be made directly available to the purchaser of a car that traveled over 65 miles on a single gallon of gas. Today average cars get less than 30 miles per gallon.

* "Establish a broad based, far reaching program to promote mass rail transit inter- an intra-city. The bill makes funding available to regional transit authorities to offset significantly reduced mass transit fares during times of gas price spikes.

"The co-sponsors are Reps. Serrano (D-NY), Abercrombie (D-HI), DeFazio (D-OR), Frank (D-MA), McDermott (D-WA), Solis (D-CA), Filner (D-CA), Carson (D-IN), Grijalva (D-AZ), Lantos (D-CA), Lee (D-CA), McGovern (D- MA), McKinney (D-GA), Woolsey (D-CA), Owens (D-NY), Strickland (D-OH), Conyers (D-MI), Davis (D-IL), Sanders (I-VT), Farr (D-CA), Hinchey (D- NY), Evans (D-IL), Nadler (D-NY), Kanjorski (D-PA), Sherman (D-CA), Lewis (D-GA), Gutierrez (D-IL), Visclosky (D-IN), Kildee (D-MI), Slaughter (D-NY), Kaptur (D-OH), Olver (D-MA), Stupak (D-MI)."