Skip to comments.Dems propose 'Reasonable Profits Board' to regulate oil company profits
Posted on 03/01/2012 3:39:35 PM PST by ColdOne
Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits.
The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.
The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding "a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress.
The bill would also seem to exclude industry representatives from the board, as it says members "shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board."
According to the bill, a windfall tax of 50 percent would be applied when the sale of oil or gas leads to a profit of between 100 percent and 102 percent of a reasonable profit. The windfall tax would jump to 75 percent when the profit is between 102 and 105 percent of a reasonable profit, and above that, the windfall tax would be 100 percent. The bill also
(Excerpt) Read more at thehill.com ...
Which other company will they try and control? A company that competes with GE?
Why did figure Kucinich is behind something like this.
Gee. Knock me over with a feather.
Right good idea. Controlling “big oil” worked so well during the first Carter administration, (this being the second).
New Brunswick, a Canadian province, has a government board that gives approval for the gas price the oil companies.
There is no difference in price.
All this will do is help keep oil prices high, as a lack of profits will hinder exploration.
High gas prices helps my province, so thank you Democrats.
Dennis the Menace at it again.
I leave it up to the government to make good decisions
So, the Dems response to high gas prices is to nationalize the oil industry. Yeah, that’ll help.
When the profits are down, there is no money to invest in new production. When the profits are high, the money will get stolen by democrats, and there will be no money to invest in new production. So, no new production ever.
How bout “Reasonable Term Limits” for these asshats?
So the threads that I click on not thinking are satire turn out to be satire.
I clicked on this fully expecting this to be satire - and AFAICT it’s not.
Beam me the “F” up, Scotty.
Right good idea. Controlling big oil worked so well during the first Carter administration, (this being the second).”
I think you owe Jimmuh an apology. Zero isn’t as good as he was...
Beat me to it.
NO GO! (Gov’t OIL!)
I'll consider it, right after hybrid battery manufactures are actually hiring due to increasing sales of cars like the Volt.
"Gas prices continue to rise, creating a hardship for the American people," he said. "At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives."
Not as much as the government is raking in in taxes on fuel.
Specifically, he said the money would be used to fund a tax credit on the purchase of fuel-efficient cars and set up a grant program for mass transit programs when oil-and-gas prices are high.
This does nothing to address increase costs in consumer goods that can not take mass transit and must be trucked in, such as food, appliances, clothes, etc.
These dumbass Dems. The oil companies will just leave to greener pastures and with them go the high tech jobs in science, research and technology.
Can the Ministry of Peace be far behind?
Standard Democrat procedure:
1 - Get the government involved in a part of the economy that has worked well without government controls.
2 - Screw it up with government rules and regulations.
3 - Complain the free market doesn’t work.
4 - Create a new government bureaucracy to “fix” the problem they created.
5 - Use the new bureaucracy to justify more government employment, create new taxes, and turn another section of the economy into a vehicle for wealth redistribution.
Again, I don’t normally ping the “Atlas” list for a simple news item, but this one is right out of Wesley Mouch’s office.
Oh yeah, that will REALLY help us increase our domestic production. These people have $hit for brains.
I don’t think that the profit made by an oil company on a gallon of gasoline should exceed the taxes paid on that same gallon of gasoline.
That’ll help those gas prices.
After they eliminate depletion allowance and Intangible Drilling Costs.
Yep, that’ll help those gas prices.
God, please let whoever wins the GOP nomination articulate the real facts in a manner even the entitlement population can understand.
Oil & Gas = real jobs
Green = Solyndra, windmills, unicorns
Only democrats have such asshats assumptions
Wasn’t this called the “Anti-dog-eat-dog bill” in the book?
Apple Computer has had a nice run up and most of their product comes from China, and I sold.
How many times does this scenario have to play out before people “get it”?
Is there going to be a reasonable profits panel for Apple, Google and berkshire Hathaway as well?
Whuuut? Sounds like Dennis and the Dems think only Congress Critters get to “vote” on stuff like this.
LOL .... Okay, I’m ready. Hit me with your best shot, Dennis! I’ll “vote” that I need a vacation. I’ll run the wells every other month, “play” when they are down, and (I bet) STILL make as much money as I do now, because you’re “bright idea” will spike crude prices out of sight.
I’m pretty sure that I won’t be alone & We’ll just see who folds first. :)
Pass this bill! I Double Dog Dare ya!
How about we lower the federal tax on gasoline first if we really care about “American families”?
This piece of crap is more along the lines of the "Railroad Unification Bill", except that it doesn't have the goobermint setting **prices** directly, only profits. "Only" profits. As if there's any significant distinction over the medium term, eh? Sheesh.
And will this make the price we pay for gas go down?
Congress is corrupt
I was just going to ask if this was the early release of Part II.
We the People have elected fools. We should be ashamed. FYI, CongressmenDumbA$$es, the more the Oil Companies make the more taxes you DumbA$$es collect.
Chgogal and five neighbors would like to set up a “Reasonable Spending Board” to control federal spending. Me thinks Congressman Mike Quiggley will get a call tomorrow.
Here ya go, Dennis, try this idea - REDUCE the federal taxes on gas and oil. The government didn’t assume any risk in drilling; the government didn’t assume any risk in transporting the oil; the government didn’t asume any risk in refining the oil into gas; but the government consumes upwards of $0.50/gal in taxes for each gallon of gas sold.
By contrast, the oil companies get somewhere between $0.11 and $0.15 per gallon.
Sooooooooo, who should have to reduce their profit from the sale of gas???
(Since I know you aren’t too sharp, Dennis, here’s a hint - it SHOULDN’T be the oil companies!!)
Just in case some misunderstand my post, the more you tax the less you get.
What we are seeing is communism in action.
These guys should be hung for even suggesting
such a thing.
From Jan. 20, 2012
Exactly where in the Constitution of the United States does any of the 4 branches of government deem this right to be granted? I certainly haven't been able to find where the house or senate, judicial, executive, or propaganda branches of the government are granted those powers.
And while Washington, DC is quickly becoming a "Constitution Free Zone," maybe the oil companies should demand "equal protection under the law," and have their lobbyists write legislation or executive orders on "reasonable profits" for say, the computer software industry, the entertainment industry, sports franchises, etc.
One thing is for sure... Place a 100% "windfall profit tax" on any product, and you will see a ceiling placed on the production of that product, since there's no reason to work for 0% profit, while still incurring operating costs. A sure way to boost prices, but then again, as the Energy Enemy Chu said, they don't want to bring down the cost of energy. They want to boost it to a point where their economically unfeasible "alternatives" become competitive. So expect $15 a gallon gasoline, if they get their way... And expect everything else to skyrocket too. How about $12 a dozen eggs, $16 loaf of bread, etc... They will hit or exceed those prices when diesel fuel hits $20 a gallon.
I believe you have those reversed. The per-gallon profit on a gallon of gas is already lower than the taxes on it.
Obama Oil Policy
Every generation, once the majority of voters have forgotten how badly these things always end.
Time to re-read this article: From the Wall Street Journal ‘Atlas Shrugged’: From Fiction to Fact in 52 Years
And I don't mean net income ...
So, the profit made by the oil companies should be allowed to increase to the level of the taxes paid. Or perhaps the taxes should be cut to the level of the oil company profits.
Atlas Shrugged was the first thought that pinged my head when I saw the headline.
Would you please add me to your Atlas list?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.