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Old 04-24-2006, 07:55 AM   #1
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Gas Tax on Oil Firms

Hmm, seems interesting, but if only it would actually be done.

Updated: 12:02 AM EDT
U.S. Should Consider Taxing Oil Firms, Senator Says

WASHINGTON (April 23) - 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, 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."

Specter is backing legislation that would strengthen antitrust laws on oil company mergers after his committee held a hearing last month examining the growing consolidation of the oil industry. The nation's largest oil companies, including Exxon Mobil Corp., have denied their industry size has affected prices.

Last week, crude-oil prices hit record highs and average gasoline prices nationwide neared $3 a gallon.

Sen. Carl Levin, D-Mich., said he believes gas prices "would come down within a matter of days" if President Bush told oil companies that he was going to support a windfall profits tax.

"But the president will not call the oil companies into his office because he's been too closely allied with those oil companies, and if he does it's going to be a window-dressing conversation," said Levin, who appeared with Specter on CNN's "Late Edition."


04/23/06 13:41 EDT


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Old 04-24-2006, 08:21 AM   #2
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blah blah blah... nothing will happen.. they ar just talking to getre-elcted.

It cold work, but they do not have the will to alienate their sponsors.

And if itshould pass I hope they make i smart, and not just some declaration that has a huge loophole that lets everyone by...

I believe it should simply tax all profits not re-invested in increasing capacity.. it shuld also simply apply to all companies that are close or could possibly dominate a market... Microsoft, Energies/Utilities, Greyhound, etc.

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Old 04-24-2006, 08:50 AM   #3
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The government makes more off of gas sales through high taxes than the oil companies do... Maybe we should be yelling at the government to lower taxes? If they end up taxing the oil companies more, who do you think will actually pay for it? The consumer of course!
Spector and the rest are idiots!

http://www.ppinys.org/reports/jtf2004/gastax.htm
http://taxprof.typepad.com/taxprof_b...xes_excee.html
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Old 04-24-2006, 09:07 AM   #4
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Re: Gas Tax on Oil Firms

Quote:
Originally posted by DrkKnight614
"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."

That is exactly why the US goverment split Bell Telephone up back in the late 1970's and early 1980's. They said that "Ma Bell" was too big and too powerful and had a monopoly on phone service. Of course, all the "Baby Bells" are recombining (AT&T and SBC for example). I always thought allowing the oil companies to combine was a bad idea. What the oil companies are doing today is an insult to free enterprise, not to mention illegal according to the US goverment. The oil companies of today are trying to rebuild the old Standard Oil of the past. If you read history, the US goverment sued that company and broke it up into smaller oil companies.

And, Nootch, if the goverment lowered the taxes on petroleum products, the oil companies would just keep that money as profits.
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Old 04-24-2006, 09:15 AM   #5
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What amazes me is that someone sneezes in the Middle East and gas prices immediately jump 15 cents a gallon. Things ease up and it takes six weeks for the prices to come back down. So if an increase can be instant, why not a decrease? But the oil companies aren't manipulating the system... yeah, right...
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Old 04-24-2006, 11:03 AM   #6
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Re: Re: Gas Tax on Oil Firms

Quote:
Originally posted by BlacKnight
And, Nootch, if the goverment lowered the taxes on petroleum products, the oil companies would just keep that money as profits. [/B]
Let's try it and see Seriously, if the government is making more off of taxing oil than the oil company making in profits, then turns around and blames the oil company for high prices; I have to scratch my head and wonder if they are playing a game of C.Y.A. during an election year?

I dunno maybe my data is off? It sucks either way...
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