Specter: Windfall tax for oil companies 'worth considering'

CNN ^ | April 26, 2006 | CNN

[ritewingwarrior]

(CNN) -- Amid rising gas and oil prices, a leading Republican said on Sunday that the U.S. government should consider imposing a windfall tax on oil company profits.

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

He also criticized consolidation in the oil industry.

"I believe that we have allowed too many companies to get together to reduce competition," he said, citing the combinations that created ExxonMobil and ConocoPhillips.

Specter said that after the chief executives of top oil companies testified in Congress last month, he has co-sponsored legislation that would, in part, "make the OPEC countries, Saudi Arabia and Venezuela and the other countries, subject to our antitrust laws."

"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," Specter said. "But I think windfall profits, eliminating the antitrust exemption, considering the excessive concentration of power are all items we ought to be addressing."

[ritewingwarrior]

First Ted Kennedy, now Specter? Im beginning to think that Specter needs that economics lesson as much as the liberals. I'm sending my disagreement with this policy to Specter, the GOP, my Florida representatives, and the White House.

Our party has no ideas and its really sad.

[TomServo]

Specter is such a damned idiot.

[China Clipper]

Now Specter???

Who the heck is next? 007?
He could always deal with Specter very well.....

[tx_eggman]

Specter said that after the chief executives of top oil companies testified in Congress last month, he has co-sponsored legislation that would, in part, "make the OPEC countries, Saudi Arabia and Venezuela and the other countries, subject to our antitrust laws."

The man's stupidity knows no bounds ...

[rhombus]

This is so Congress can gouge us.

[edpc]

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

Quite the accusation. If he could prove collusion, I would be in favor of some sort of punative measures. Without that, however, it is wrong to confiscate corporate profits based on market forces outside of their control. This is especially true if the government bears a lot of responsibility of this mess due to past pacification of despot regimes, over regulation, and a failure to exploit domestic resources.

[mc6809e]

I'm beginning to think that Specter needs that economics lesson as much as the liberals.

Specter isn't the only Republican that needs a lesson. Just wait a few minutes and see the responses you get right here.

[unixfox]

Yep, that's right tax em, that'll solve the problem.

[Mo1]

Adding ANOTHER tax will make gas prices out down??

HEY CONGRESS ... How much are YOU collecting from these gas/oil taxes for YOUR pet projects???

[sandbar]

I'm torn on this issue. I'm for free market, I'm for free enterprise, I also recognise that the economy is based on the price of fuel. It affects EVERYTHING.

[A Balrog of Morgoth]

No, Spector has a point, but he just doesn't go far enough.

We should extend this to other examples of "windfall" profits.

Sometimes, the price of lettuce and cucumbers at my local grocery store will double, all in the space of one week. Obviously, there is collusion and price-gouging going on. We need to do something about Big Produce. Right, Arlen?

[stevio]

He Bush's boy.

[libertarianPA]

Let's not forget Bill Frist, who called those hearings back in the fall - the oil company CEOs had to come in and explain their record profits.

Just goes to show - you can be successful in America, but not TOO successful.

[rambo316]

What a Commie. It is frightening to hear these Congressional idiots talk this way. These idiots are anti capitalists.

[A Balrog of Morgoth]

I'm torn on this issue. I'm for free market, I'm for free enterprise, I also recognise that the economy is based on the price of fuel. It affects EVERYTHING.

Let's get the government even MORE invovled. That'll fix it.


snickers

[Wolverine]

Spectre: Windfall tax for GOVERNMENT BENEFIT.... 'worth considering'

[stockstrader]

So PUNISHING the oil companies--who make about 15 cents/gallon when the government (fed, state and local) averages about 50 cents/gallon--will produce more oil and cheaper gas?

The government needs to get out of the way--when it comes to intrusion, regulation, higher taxes and limiting drilling and building of refineries. Punishing them is exactly the WRONG incentive. As Ronald Reagan used to love to say, "The government is not the solution, the government is the PROBLEM"!

[stockstrader]

Not to mention the fact that the govt ALSO takes ONE THIRD of all oil companies profits ON TOP OF THAT via the corporate tax. Don't forget that, too!

The government is the one GOUGING the consumer--not the oil companies.

[CROSSHIGHWAYMAN]

It's the government that reaps a windfall tax on gasoline now.......

the big oil companies want to reinvest their profits in new wells, refineries and expanded services which would create thousands of new high-paying jobs....

But all the insane Congress can think of is higher taxes.

I remember when Bush 41 was duped to go along with higher luxury taxes in 1990....

They nearly destroyed the boat building business.....

If you want less of something...tax it!

If you want more of something....reduce the taxes on it.