Posted on 04/24/2006 6:37:11 AM PDT by 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."
(Excerpt) Read more at cnn.com ...
No, I don't think punishing them is the answer, but lets face it, big corps will screw the population without a second thought. We have to have some restrictions in place or we will all have flipping emphasema, but IF the government is going to get involved, offer incentives for other forms of fuel. Oh wait, the oil companies will shut that down quick.
Okay, I considered it. Found the idea stupid. Next topic, please.
But that's the most important reason for letting prices float and allowing profits to be made. Fuel is so important that big money needs to be put up to get people to produce it. AND IT MUST BE PRODUCED.
Further, people that complain about the lack of competition while simultaneously complaining about prices are being stupid. Big profits bring competition. Threaten profits and prospective competitors pick something else to invest in.
They should reinstate profit regulation on motor fuels.
If congress were so interested in the common man, they would give the money back instead the feds decide they will take it.
Just another excuse for the government to get their hands on other people's money.
The per barrel cost of oil is up because of speculative traders, come down on them and the price of oil drops.
Actually that is the real solution to the problems. America does not kill corporations. Unions kill corporations, like the auto industry, but the government is not supposed too. What we need to do is offer our oil companies tax exemptions to invest in alternative fuels. If the oil industry had a way to profit and keep jobs, by investing in the future, they would do it. As a matter of fact they need to let the auto makers do some Joint ventures with the oil companies to make this a reality. This is a no brainer, but once again all the politicians can think of, is more tax for their pork.
Senator Sphincter, spare us your musings.
Yes yes, and lets charge that windfall tax on the telecommunications companies. AT&T had a profit margin of almost 11% last year, just a bit more than Exxon. Bad corporations!!
So, which communist country did you take your economics classes in?
WHO'S gouging?!
They've got a funny way of doing that, Arlen.
There are 248 MORE drilling rigs operating in the US today than this time last year. How exactly does that reduce supply?
By the end of the week, Chuck Grassley will be singing the same tune.
Exactly what 'restrictions' do you mean? And since when do 'restrictions' of any sort produce more oil, and cheaper gas. Please cite when 'restrictions' have proved to be an incentive.
Banks, big pharma, high tech and several other industries all make nearly twice as much per dollar of revenue as big oil. Why not the wailing for windfall profit taxes on these other industries (oh wait, scratch that thought!!!)?
I'd like to know why, if Big Oil is so eeeeevil, why pols don't divest themselves of their Big Oil stock...?
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