Specter: U.S. should consider windfall oil tax

AP ^ | 4/23/6

[Crackingham]

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.

[P-40]

The WPT worked so well last time...

[Ladysmith]

I think you should consider shutting the he!! up, Spectroid. We don't need no more stinkin' taxes!

[aviator]

5% profit is excessive?????????

[G.Mason]

What does just ExxonMobile pay in federal taxes now ... 27 billion? Maybe they should be paying 27 trillion.

Any reason fools like Spector are voted into office?

[goldstategop]

Price controls on oil would produces shortages by making it impossible to sell gas for a reasonable price. This ain't rocket science. I guess our demagoging politicians want to do their hardest to bring back those long lines at gas stations all over the country - like in the 1970s. That's exactly what a windfall profits tax would do.

(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")

[RightWhale]

Raising the tax will not reduce the price.

But, that is about all our gov't representatives ever think of, which is not their job in the first place. They are supposed to be enabling commerce, which is the reason the Constitution of 1787 was created.

[Babsig]

No only STHU but lower the fed taxes on gas dumb head! And then reduce the blends the EPA demands. Could Bush issue an executive order to halt the EPA regs on summer blends?

[x1stcav]

This guy is stuck in the 70's.

No gas lines...no drama.

[DLfromthedesert]

How did Specter vote on drilling in ANWR?

[Uriah_lost]

I expect there will be plenty of idiots willing to support it, even here....

[JohnD9207]

Perhaps the WPT could apply to politicans salary which is all a windfall in my opinion. Hey Specter...which one of my pockets is EXXON going to collect those taxes from? What a moron!!!

[pierrem15]

Yeah, let take the money the oil companies need for new wellheads (and repairing the Gulf terminals) and spend it on welfare and healthcare for the illegal immigrants that we've just amnestied.

Is there any other period when this country has had two parties that are so stupid and out of touch?

[jec41]

The best government is essentially a evil thing.

[vetsvette]

The man's a moron.

[goldstategop]

No one in Congress is talking about repealing federal taxes on the SALE of gas - even temporarily. We always hear how businesses make too much profit. We never hear how the government can make some sacrifices - like a reduction in its revenue - even for a few months. The level of economic illiteracy in Congress is just abysmal.

(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")

[PISANO]

Amazing how a college graduate with a law degree can be so "STUPID"!!

Why George Bush stumped for this guy is beyond comprehension.

[Republican Wildcat]

Yes, it would raise the price. The cost would trickle down to us.

[Cicero]

Maybe the Senate should pass a useful energy program. Drill ANWR, start building nuclear power plants again, start building more refineries, distributed in more locations, reduce regulatory rules that make it hard to build power plants, upgrade the electric power grids.

Much of this can be done simply by changing the regulatory climate, making it once more profitable for businesses to operate in these areas.

But you know damned well what they'll do, instead. Spend six months investigating Exxon because they gave their retiring chief too much money.

[bordergal]

Specter, coming up with the stupid ideas that most Americans won't think.

[KevinDavis]

Sometimes I just want pound my head against the wall..

[butternut_squash_bisque]

Spoken like a true commie, socialist, fascist POS. Sphincter's a scumbag.

[Racer1]

How about a Senator pension tax. 80% would do.

[SandRat]

No S.P.E.C.T.R.E. we should remove the taxes that the consumer pays. So Says the "Man from U.N.C.L.E.!"

[Popman]

Specter simply cannot be that stupid.

This must be some sort of act or point he is trying to make to an entity of some sort.

He has to know OPEC basically sets the price of oil by restricting production against tremendous pressure to increase production.

Of course, he is a sitting US Senator, so maybe he is that dumb!

[iluvlucy]

I think tax rates should be based on how your Senator and Rep votes on any tax increase. If they vote for it I assume you are all for paying a larger share. If they vote against it you pay a lower rate.

U-haul should profit handsomely from this so by stock now.

[RightWhale]

Pass through taxes. The sheeple haven't woke to this fact of life yet, and may never.

[tomahawk]

This country is going down because of idiots like Spectator sitting in the government and sheeple who think profits are evil.

[nmh]

He's talking about taxing the OIL COMPANIES.

Remember it's not summer yet. The prices WILL GO HIGHER!

[iluvlucy]

May I suggest you pound Spectiod's head into the wall instead? Just a suggestion.

[goldstategop]

This is the same Specter who tried to rush through an amnesty program for illegal aliens without doing a full analysis on the impact of the bill or what its enforcement costs might be. This is the same thing he's doing here with gas prices - propose a windfall profits tax bill without looking at the larger picture. The common thread connecting these two unrelated subjects goes by the same name - pandering. Hells bells, its an election year, folks!

(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")

[Racer1]

Seriously, if oil futures were heavily taxed the price of oil would most likely go down. A tax that would make it less profitable to buy and sell oil futures that is. And I hate taxes.

[TexasTransplant]

Our Representatives in DC need to ditch their sweetheart retirement, medical, dental and also be responsible for what comes out of their mouths both in their campaigning and after they start fleecing the constituents (taxes and regulations) and they should also have to prepare their own Tax Returns.

Spector (SPIT) is a legend in his own mind.

TT

[mikeybaby]

Specter is the reason I no longer contribute the RNC.
Well, Specter and Chafee. And Snow. And Collins.
Well, you get the picture.

[plain talk]

So who ultimately pays the windfall profits tax, hmmm?

[KevinDavis]

Guess who will be paying the higher taxes on the "evil" oil companies....

[Popman]

Maybe the Senate should pass a useful energy program.

I have no idea why Bush doesn't get in front of the nation via a nation address and call the Senate into action addressing the energy issues this nation faces.

Congress and especially the Senate has literally sat on their asses letting the energy problem grow more and more dangerous using it as a political tool against Bush.

Frist needs to resign and Mitch McConnell needs to take over. Mitch will kick some ass.

[EGPWS]

I guess our demagoging politicians want to do their hardest to bring back those long lines at gas stations all over the country - like in the 1970s. That's exactly what a windfall profits tax would do.

They have convince me long ago that business knows better as to what to do and for politicians to question "free enterprise" is only shown as an attempt for politicians to seek a skimming profit themselves by politicizing this issue.

[goldstategop]

We do! The oil companies don't pay anything. Consumers do. And Specter thinks the public is so stupid they won't notice the government's GOUGING them! Let's see if the government rips people off, that's a public service; if the oil companies are alleged to do it, they're fleecing the consumer. Gotta love the way the politicians set up the terms of the debate.

(Denny Crane: "I Don't Want To Socialize With A Pinko Liberal Democrat Commie. Say What You Like About Republicans. We Stick To Our Convictions. Even When We Know We're Dead Wrong.")

[Dane]

Looks like arlen was watching CNN last night. I'm not surprised.

[DakotaGator]

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

Spector is an @ss!

Where is his proof that oil companies are conspiring to reduce competition?! Every investigation of oil companies shows that gas prices are a function of supply and demand.

OTOH, we have plenty of proof that Congress conspires to raise gas prices. It allows the EPA (an unconstitutional agency) to require numerous gas formulations (an unconstitutional regulation). It refuses to allow drilling in ANWR. It allows endless blocking of building nuclear power plants. And now it wants to impose another tax on oil companies which will just be passed onto the consumer as higher gas prices!

It is not the oil companies that need investigating here. They aren't conspiring. They don't need to. Congress is openly conspiring to raise gas prices. So Congress should be investigated.

Maybe we should start with Specter.

[Constitutional Patriot]

The US should consider a law that allows for profoundly ignorant politicians to be removed from office as soon as they demonstrate that they are mentally incapable of understanding free markets.

I know...this would clean-out about 2/3 of congress. We can call it the Arlen bill.

[EGPWS]

Mitch will kick some ass

Until he is in the position to do so.

Be careful for what you wish for.

[bigfootbob]

It took 29 posts for the first to show up.

[gogogodzilla]

Yup, it's long been official, but Spectre reconfirmed it.

The Republicans are no better than the Democrats when dealing with the oil/gasoline issue.

[ShandaLear]

Add to that a single formulation of gasoline that works for the entire country.

[HoosierHawk]

Yes, he had the full support of the administration against a real conservative, Pat Toomey. And now Specter acting just like the lib he is.

[Enterprise]

I'll agree to a windfall profits tax on one condition: Gimme it!

[dogcaller]

Seems that as long as our political landscape features Republican vs. Democrat instead of Conservative vs. Liberal we will be plagued by these fools. You know this old man would rather drink wine with Kennedy and Kerry than break bread with a tax-paying working family.

[Red6]

Give a politician an "excuse" to Levy a new tax and they sure will take it.