Specter: Windfall tax for oil companies 'worth considering'

CNN ^ | April 26, 2006 | CNN

[sandbar]

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.

[P-40]

Okay, I considered it. Found the idea stupid. Next topic, please.

[mc6809e]

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

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.

[drypowder]

They should reinstate profit regulation on motor fuels.

[caver]

If congress were so interested in the common man, they would give the money back instead the feds decide they will take it.

[JamesP81]

Just another excuse for the government to get their hands on other people's money.

[Bikers4Bush]

The per barrel cost of oil is up because of speculative traders, come down on them and the price of oil drops.

[ritewingwarrior]

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.

[hgro]

Senator Sphincter, spare us your musings.

[ritewingwarrior]

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!!

[Toby06]

They should reinstate profit regulation on motor fuels.

So, which communist country did you take your economics classes in?

[mewzilla]

Dear Sen. Specter: I pay my federal, state, and local governments in taxes TWICE what the oil companies get in profit off a gallon of gas.

WHO'S gouging?!

[Dog Gone]

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

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?

[2001convSVT]

I wonder when Sen. Arlen Specter will call for a price cap on gasoline? Better yet, I wonder when Sen. Specter will call for nationalizing all of America's petroleum industry?

[txoilman]

Reduce profits to the petroleum industry...reduce new drilling and exploration. These people are "Stuck on Stupid". Windfall profits taxes will only make the problem worst in the long run. It is a real shame because the Bush administration proposed an energy plan the first year in office and it was fillibustered by the democrats in the senate because of the provision for drilling in ANWR. The democrats stragegy was to prevent the drilling of ANWR to eventually cause prices at the pump to increase due to the increase in demand and then blame this on Bush and the Republican party. I would hope that everyone would contact their Senator and ask them to sponser a bill to drill ANWR and put the democrats on the record that they oppose any proposal that would increase supply of petroleum and reduce gas prices at the pump.

[Eric in the Ozarks]

By the end of the week, Chuck Grassley will be singing the same tune.

[cvq3842]

My fear is that the Dems and RINOs will use public distaste for the high prices and come up with some ridiculous solution, while the Republicans will fail to effectively speak out and educate the public, and lose seats.

When does Tony Snow start as Press Secretary? :)

[stockstrader]

Sorry you have such a cynical view of our business world. Are there some like that? Of course, but they are a tiny minority.

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.

[bereanway]

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!!!)?

[mewzilla]

I'd like to know why, if Big Oil is so eeeeevil, why pols don't divest themselves of their Big Oil stock...?