Harry Reid’s Jimmy Carter Memorial Act: Senate takes up windfall profits tax; Update: Reid cloture motion falls short, 51-43; Roll call vote added, McCain and Obama skip out
Scroll down for updates…10:07am Eastern: Reid is on the Senate floor whining about GOP obstruction…McConnell: Carter windfall profits tax was a “miserable failure” and would be again…See Ben Lieberman’s legislative analysis of the Dem energy measures here…11:23am Eastern Vote now underway on whether to move forward with S3044…Reid needs 60 votes…11:52am Eastern. Cloture motion fails, 51-43…Roll call vote added below
More gaseous demagoguery will be emitted on the Senate floor today as Harry Reid leads the crusade to impose a Jimmy Carter-era windfall profits tax on oil companies.
Democrat Rep. Maxine Waters has already threatened to nationalize the oil industry.
Here’s Dick Durbin demonizing profits:
With gasoline prices topping $4 a gallon, Senate Democrats want the government to grab some of the billions of dollars in profits being taken in by the major oil companies.
Senators were to vote Tuesday on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.
“The oil companies need to know that there is a limit on how much profit they can take in this economy,” said Sen. Richard Durbin of Illinois, the Senate’s No. 2 Democrat, warning that if energy prices are not reined in “we’re going to find ourselves in a deep recession.”
Some GOP leaders vow they’ll fight:
Majority Leader Harry Reid, D-Nev., will need 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster. If he doesn’t get 60, he likely will pull the bill from the floor.
Only last week, Reid was forced to withdraw a measure aimed at addressing global warming, falling short of the 60 votes needed to advance that legislation…
…Republican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats’ response and has ridiculed those who “think we can tax our way out of this problem.”
Oil executives, testifying before Congress last month, called the proposed taxes “punitive” and warned that they would discourage domestic oil and gas exploration and production, possibly causing prices to rise instead of fall.
The American Petroleum Institute, which represents the major oil companies, has been reminding lawmakers that in the early 1980s, when the government imposed windfall profits taxes on oil companies domestic oil production dropped and imports increased. But Democrats reject the comparison. The Senate proposal would impose a 25 percent tax on profits over what would be determined “reasonable” and would allow oil companies to avoid paying the tax if they invest the money in alternative energy projects or refinery expansion.
Barack Obama supports the new tax and grab scheme.
And McCain? Well, I’ll remind you what he said last month in Charlotte, NC:
Transcript:
MCCAIN: “Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.”
***
Update: Commenter liberty3:
I have been calling my Congressional representatives all morning about drilling for OUR oil. Decided to call Senator McConnell’s office, since he is the minority leader. I asked to speak to someone on the subject—the young lady who took my call said she would pass along a message. I repeated that I wanted to speak to someone versed in the subject—click…she hung up on me. Wow, didn’t expect that from the minority leaders office…
The dial tone we deserve?
Update 10:12am Eastern. McConnell on the Senate floor pointing out that the Carter windfall profits tax was a “miserable failure…Americans understand supply and demand…” Cites polls showing increasing number of voters who want drilling.
Update 10:25am Eastern. Charles Schumer demagogues Exxon Mobil, pooh-poohs ANWR. Kay Bailey Hutchison calls the Dems’ bill, “pure and simple…pathetic.”
Update 11:52am Eastern. Reid fails. 51-43.
Update 12:43pm Eastern. Here’s the roll call vote.
*Reid voted no in order to bring it back up on the floor at a later time.
Via CNN:
Senate Republicans on Tuesday blocked a Democratic initiative that would have taxed the windfall profits oil companies have enjoyed due to rising energy prices, with the minority leader calling the proposal a “gimmick.”
Record energy prices have led to record profits for oil companies.
The measure failed to achieve the 60 votes required by Senate rules to proceed. The vote was 51-43.
Six Republicans, including three seeking re-election in November, broke ranks to support the bill.
Two Democrats — Sen. Mary Landrieu of oil-producing state Louisiana and Majority Leader Harry Reid, who voted no to be able to bring the measure back to the floor under Senate rules — voted against the measure.
Along with placing a special tax of 25 percent on oil companies, the bill would have permitted lawsuits against the Organization of Petroleum Exporting Countries, the oil-producing cartel, and suspended deposits into the Strategic Petroleum Reserve.
Profits from renewable energy sources would be excluded from the tax.
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Trackbacks
- The Other McCain: The Jimmy Carter Tax
- Senate to Vote on Windfall Profit Tax » The American Mind
- Lump on a Blog » Blog Archive » Oil Prices, Geopolitical Implications, and the Cost of Doing Nothing
- American Street » Blog Archive » Carter Take Two? No Duh!
- Bent Notes » Blog Archive » Why we call them Freedom-Haters - today’s edition
- Shut Up and Drill! | The Sundries Shack
- Republicans Block Fuel Price Increase Proposed by Democrats | Conservative247
- Dem Oil Bill Goes Down « Axis of Right
- McCain: Obama=Carter Second Term : BigMouthFrog
- Which is the better solution? · Altitude
- UrbanGrounds » Blog Archive » The Democrats Want to Steal Profits from Private Businesses
- Media Mythbusters Blog » Blog Archive » Media Bias Roundup - 06/10/08
- EckerNet.Com » Blog Archive » Deep Thoughts With Kevin
- links for 2008-06-11 | FullosseousFlap's Dental Blog
- shyspeak.net · Simple Economics Solves Soaring Gas Prices
- Michelle Malkin » McCain on offshore drilling: For it before he was against it before he was for it again
- Born Again Oil Man: John “spud” McCain–Praise The Lord and Start Drilling « Pronk Palisades
- Cheat Seeking Missiles » Words Obama Should Avoid
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Categories: Enviro-nitwits, Harry Reid
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How much more losing can Dingy Harry take before he goes completely mental?
When Congress reveals how much it confiscates from a legitimate business and compares it to the “obscene” profits by the oil companies, then we’ll talk.
Until that time, I suggest they lie low. Three simple solutions:
1. Drill domestically.
2. Build refineries.
3. Switch to one summer blend and one winter blend.
Out!
Who gets to decide what is an obscene profit and a fair profit? If the government can do this to oil companies, then no business is safe, even small ones. This is socialism, not free America.
Rush said on his show yesterday, How much more will it take to wake Americans up? I’m afraid it’s going to take LOTS more.
In the face of such idiocy, I wish there was some GOP leadership that would stand up and just go after these demagogues. How in the world is taxing big oil profits going to ease energy prices? This is lunacy! The Democrats are to blame for this problem, and they need to be called out for it. How can they get away with claiming they’re for the little guy when they do ABSOLUTELY NOTHING for the soaring gas prices that are affecting those people the MOST??? When will these people who vote for these morons get a clue and stop believing the Dems are “looking out for them”? They’re not looking out for anyone but THEMSELVES…they care nothing for the American people or this country.
Is he kidding? So, McCain’s position is that if government chooses NOT to tax an industry, then that’s a gift or something? WTF?
Price too high, Supply to low. Economics even a Democrat should be able to understand.
The people showcased in this article strike me as being WRONG on so many levels. But the first paragraph hits it right on the head:
That says it all. They want more money.
Here’s the rest.
Why? Does that mean if i’m successful, that the government has the right to tell me to not make as much money? That doesnt sit well with me, especially if you take into account that the tax associated with gasoline is about 5x (roughly) what the oil company makes in profit.
If I were an oil executive, i’d have pointed out the simple fact from above.
“Senator, your taxes supercede our profits by a factor of 5. If the American people want relief, perhaps you should think about lowering the tax on gas by 25 cents a gallon, TODAY. Because the price of gas would go down 25 cents. Immediately. Then, get rid of the speculators who are driving the price up. There’s a huge amount of gouging occuring from there. Do those things, and we’ll think about coming back here and wasting our time while you try to make successful businesses look like they are your enemy.”
Tell that to all of the companies that you and your friends help subsidize. Get La Raza on the phone and tell them “sorry, the well is dry”, Senior McCain. And dont allow pay raises for anyone in the legislative positions to vote themselves pay raises every year or so.
If these politicians put their money, and not ours, where their mouth is, this would all run alot smoother.
My fantasy for the day: The DC bunch keeping their grubby mits out of every aspect of American’s lives. If it flies, crawls, walks, slithers, they TAX it.
L
Liberals are stupid to believe that imposing additional taxes on the oil companies is going to lower prices to the consumer.
Listen up, Democrats. Maybe you can learn something. Businesses don’t pay taxes. They build the expense of taxes into the price of their products/services. Tax increases on businesses will be passed to the buyer.
Want to increase taxes — windfall or otherwise? All that will do is increase the price of gas.
Damn, I wish these idiots would read Thomas Sowell’s basic economics book.
Doesn’t the government already make more in “profit” on oil from taxes than the big oil companies bring in?
Doesn’t the government already make more in “profit” on oil from taxes than the big oil companies bring in?
I think Harry actually believes that adding costs to oil company will help increase supply and bring us lower prices. He really is that dumb, and we the people elected him. I think he also believes that the Government would run oil companies better, well at least more fare….so if Harry gets his wish and they nationalize oil, and what ever else they can get there hands on…at least we will know that $10 a gallon gas, though expensive will be more fare.Sit back don’t be concerned Harry will handle everything in the good old USSA.
To ajmontana:
You mean Dingy Harry is not completely mental yet? I shutter to think he can go further.
Remember folks,
Politicians will set fires elsewhere and call attention to those to divert the focus on their lousy (and, in some cases, criminal) performance. With a complicit media, they get away with it. Such is the United States of Demagougery
Morons! Fools! Cretins! Democrats!
These jokers should be doing all they can to allow more supply to come online. If we must be more efficient then let the market drive it. I am all for having more efficient use of energy but a windfall tax will do nothing to solve the problem.
Economics and history must be taught to these maroons but I figure they will just do a newspeak on us anyway.
This is truly foolish.
Washington suck on a tailpipe and inhale deeply.
what he said…
BTW, My friend, thank you for putting up the transcript of what Maverick said so I wouldn’t have to click on the youtube..
Explain to me how high prices at the pump are considered good when it comes to fuel taxes but bad when it comes to oil company profits. On the one hand they take big oil to task for high prices at the pump and on the other hand they talk about jacking up fuel taxes even more to discourage people from unnecessary driving. How stupid are people that they can’t see the contradictory nature of these stands?
Its not about oil companies making too much money. Its about Congress making up excuses to confiscate more wealth in order to finance bridges to nowhere and other boondoggles.
I have been calling my Congressional representatives all morning about drilling for OUR oil. Decided to call Senator McConnell’s office, since he is the minority leader. I asked to speak to someone on the subject—the young lady who took my call said she would pass along a message. I repeated that I wanted to speak to someone versed in the subject—click…she hung up on me. Wow, didn’t expect that from the minority leaders office. Guess that means they don’t give a crap about what’s happening in the real world either—just like the Dems who are enjoying our pain.
Repeal the 17th Amendment!
All the points here have been well thought out, rational, and well-said. The problem is the ignorant segment of the public, and their hatred of those who do better than they do. They hate oil companies for their “billions in profits”, without thinking who actually owns stock in said oil companies.
This will not wake the public up, as it plays right to their class warfare. Also, the average American out there probably wouldn’t understand a profit margin if you drew him/her a picture.
I’m extremely hot right now after reading this blood boiler! Good thing this lying crapweasel is in DC instead of in nearby Nevada. It is almost worth taking out a second loan on the house to buy enough gas to drive down to Vegas to challenge Mr. Reid to a duel, but that would imply that he has enough honor to face another man in personal combat and we all know he has none.
Yep! Fix the problem by taxing the oil companies, which in turn will pass on the increased cost to the consumer only making the matter worse. Aren’t our political overlords happy enough with the record taxes they already receive from the increased cost of gasoline? It really is time to water the tree of Liberty again or repeal the 17th Amendment making the Senators accountable to their state legislature again instead of the population centers now being bribed with their own tax dollars.
“The oil companies need to know that there is a limit on how much profit they can take in this economy,” said Sen. Richard Durbin of Illinois, the Senate’s No. 2 Democrat,
Now, Democrats feel like they can tell us how much profit one can make in a business.
I sure wish the Republicans would return to their Conservative roots and give us a viable alternative.
It is my personal opinion that politicians’ salaries are “obscene.” Congress needs to know that there is a limit on how much profit they can take in from our tax dollars.
The government does nothing yet already reaps the greatest windfall from gasoline taxes. When is enough enough?
Here we go again, Carter Economy Redux.
Democrats have a very short memory. These buffoons need Term Limits before every Industry in the Nation becomes Socialized and the USA becomes a Third World Country.
Not term limits, but the repeal of the 17th. Term limits are a bad idea.
We should go after companies that make obscene profits, like Apple Computer and Ben and Jerry’s ice cream.
Ah, yes, “obscene profits.”
What does Johnny Boy intend to do, invade China and make them use less oil?
Nuke India until they stop using oil?
Keep your powder dry, folks. We are in for four painful years, regardless of which idiot wins…
So, let me get this straight, congress wants to solve the gas price problem by increasing tax on the companies who make gas, who will increase gas prices to cover that tax. And somehow congress thinks this will make us happier?
Did I miss anything?
I mean besides more money from my bank account?
And remember, we elected every single one of these nitwits in Congress.
Looks like the democrats are intent on bankrupting our country. Lets see instead of allowing companies to product more oil we will tax them for the oil we allowed them to produce. Meanwhile we will let 90 percent of the money go to countries HOSTILE to the US.
We are seeing the beginning of the OBAMA regime. Drive off the producers, become a wellfare state and see how quickly the US becomes a third world country. Meanwhile the Republicans seem to have lost all fight.
Boomer, I’ll buy the gas.
The P&P Party ~
All that D’s do is Posture and Pander! One of these days they will do something positive and productive and it will scare the crap out of them.
Well I don’t know about you guys, but I’m in bussiness to make obscene profits. So let me get this straight if the government decide’s that you are making more profit than they deem necessary they will take 25% of my profit for themselves? and how do they know cost of me doing business?
Ever heard of capitolism idiots?
1. We will not let you build refineries because they might end up in my neighborhood.
2. We will not let you drill for oil in our own country in which we set on billions of barrels of it.
3. We will not recall Bill Clintons five year incremental tax on fuel.
We will try and take your business over though. Socialist Morons.
How will the instant gratification generation deal with it once thier handouts end?
It is apparently beyond the Senators’ comprehension that increasing taxes raises the price of goods and services, which makes them less affordable. All they have to do when they need more money is vote themselves a raise. They ignore the fact that it doesn’t work that way in the world outside Congress.
Perhaps, though, that is their goal. Less affordable energy would certainly have the effect of decreasing usage, not to mention decreasing productivity and tanking the economy. That seemed to be the purpose behind the Lieberman Warner bill.
We are talking about this Jimma Cotter right?
“…and would allow oil companies to avoid paying the tax if they invest the money in alternative energy projects or refinery expansion.”
Although I am , in almost all cases, against higher taxes, this last sentence bears looking at. Our refining capacity in this country is terrible. A few years ago when a president (Bush or Clinton, I forget) ordered oil released from the strategic reserve, we had to send it to France to have it refined because we were already at maximum capacity.
Apparently oil companies don’t have a profit incentive to build refineries or else they would have done so by now. Instead it seems in their interest in keeping low refining as a bottleneck in the production cycle. Perhaps this helps keep prices high, I don’t know.
I would change many things with this bill but using economic encintives to encourage expansion of refining seems to be reasonable. I would also add DOMESTIC oil exploration to the list of things that would avoid the higher taxes. It makes me mad when American oil companies help forign countries expand their oil production capabilities when there is a chance that those forign governments will jsut turn around and nationalize the industry and kick our companies out anyway.
Expand refining, domestic exploration, and do somethign to eliminate the speculation in the oil commodities market which seems to be responsible for 50% of the cost of oil these days.
We can’t run the little cafeteria downstairs but we know how to run several multi-national conglomerate oil companies simultaneously and be profitable.
Next stop, The Twilight Zone.
abstract #8
You took the words right out of my mouth. I can’t believe congress has the audacity to tax an already heavily taxed commodity that we so desperately depend on. Not only does this worsen our economic situation domestically, but also strengthens the economies of countries abroad that we purchase the oil from, i.e. Hugo, OPEC, Saudi, etc…
If we don’t start drilling for our own oil here, building more refineries, and shutting down the environmental terrorist wackos that bind the hands of capitalism, we’re going to be guilty of funding the war against us when it comes to our own soil, not to mention we won’t be able to fight it because our fuel supplies will disappear.
I believe we are near the time to strike back at the politicians. Unfortunately, it would take some discipline and common sense (doesn’t seem to be as much of that going around these days).
In short, stop giving money to any and all political parties and candidates. Boycott businesses that use your money (profits) that give to these causes as well. If we could get a significant amount of all Americans (dems, reps, indies) to do so, things will change. Problem is not with fellow commenters like all those reading this, but with the majority of Americans who have become complacent and care more about what the latest gossip is about Brittany Spears.
How I long for activism that would make Congress remember they represent all of us.
rodgerbacon,
Agreed with this exception, the reason no more refineries have been built and we haven’t drilled more oil here is because of enviromental special interests. Congress is basicaly saying, you need to drill more and build more refineries, BUT we will block you as much as we can from doing either. If I were an oil CEO, I would be looking to move the company to china. Its not like they have any loyalty to the usa now, why would they stick arround for more punishment?
And McCain wants to set CEO pay:
http://biz.yahoo.com/rb/080610/usa_politics_mccain.html?.v=4
but wise_guy and franksalterego, despite their staunch conservative values that will never waver, will vote for him anyway.
Oh, and by the way the media is not helping, they reported that gas in the midwest had hit $4.00 a gallon. That is not true yet it is at $3.92 a gallon. The MSMs also said that it was going to go up, so everyone was filling their tanks yesterday at the misinformation.
For each and every dollar that oil per barrel goes up the price will increase 2.5 cents per gallon at the pump, it is taking about two weeks before it is seen at the pump.
This is so stupid. Apparently too many Americans do not understand even the most basic concepts of economics. Those Americans are called “DemocRAT voters”.
The DemocRAT senators are not that dumb that they don’t understand – for them it’s all about control and expanding government even more.
And McCain – I’m not sure if he’s that dumb, or just wants more government control – or maybe both?
Wasn’t Denny Hastert supposed to teach Congress Economics 101?
We can expect $5 p/gallon gas as long as the Democraps are in charge of the Congress!
sonofdy,
Yes I completely agree. Congress and the eco wackos have made it extremely difficult to build refineries or explore for oil domesticaly (anwar). The Dems know that and I realize this bill is nothing more than a show piece to put Republicans on the record as being “pro big oil”. It is designed to score political points not to find a solution. Congress at its best.
Thanks ajmontana I bet if I could get the Dirty Harry to agree to meet me on the field of honor I beat I could get just about everybody on this site to kick in some gas money. LOL!
The Government would not approve any of the oil companies requests to build refineries. Gas increases have been in the works for years, the oil companies purposley closed refineries to decrease production and increase price.
beat = bet (can’t preview at work)
#45:
So there isn’t a single pump or grade in the midwest at $4.00/gallon?
Reason No. 987 why I will never vote for McCain as well as any incumbent republican. Barry O by a landslide I’m afraid.
In a capitalist society there is NO SUCH THING as a windfall profit. Every time someone says that I want to jam an icepick into their frontal lobe, especially the socialist drones parroting talking points.
Yes the oil companies made a big profit, then they paid more taxes then any other time in history. What about a windfall tax rebate?
Its simple economics in demand for world oil vs. supply and refining ability.
I’d make sure the speculators are dotting every i and crossing every t. I guarantee impropriety in speculation. $30 per barrel is pure speculation.
A windfall profits tax will just reduce supply and increase prices.
What about investors who own oil stocks? Pension plans, 401’s, retirees who depend on dividends.
Talk about a screw job. What a bunch of asshats. Thirty years of liberal and nutroot policies brought us here.
Drill Here, Drill Now, Pay Less
http://www.americansolutions.com/
not that this will last long, but in Nashville, the gas price is at 4 bucks or a little higher. outside of the city, towards where i live, there’s one place that has it at 3.85, a couple at 3.87 and 3.89, but thats as cheap as i have seen lately.
friend of mine in california says they’re at 4.30+ a gallon.
Ok, well at least in my neck of the woods there is not, of course I do live in Missouri and it has been said we have the cheapest gas in the country. Point taken.
I hope gas gets to $10.00 a gallon. In November that will be the ONLY issue. People vote their pocket book,especially when it is hit directly. Obambi can use all the soaring language he wants but, Americans on both sides know they have been shafted. They know what needs to be done and done now.
Who gets to decide? Democrats.
And they will do this freely after they are elected in force this year.
If congress does not act now, we will have a deep recession and possiably a depression, no matter how the votes go in november. We need to drill now and we need to drill here.
On June 10th, 2008 at 9:20 am, khan said: #19
Repeal the 17th Amendment!
That would be a good place to start.
http://www.patriotparty.info/index.php
I’m excited! My parents met while waiting in line for gas!
I wouldn’t be here if it weren’t for the Carter administration!
I am so totally KIDDING!
The lines for gas during the seventies really sucked…
the lines got so long, that for a while, here in Texas, we had to do an odd-even license plate system…
every other day you were allowed to wait in line for fuel.
Was sort of hoping someone learned from that bit of history so we would not have to repeat it.
“no leadership from the majority in the Senate”
Can I trade Boxer for Kay Bailey? please…
The simple act of starting more exploration and more drilling will lower prices. There’s emotion pricing in speculation.
#57:
oh, wise_man, wise_man…who gets to decide? your boy, McCain, that’s who!
“Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.” – John McCain
Go to Americansolutions.com/drillnow, sign the petition to drill for our own oil. This is the petition by Newt, and is being sent to Congress. They have already sent 350,000 signatures, want to send several million by the election.
It’s Drill Here, Drill Now!!
#39…I think the oil companies (or you for that matter) have plenty of incentive to build a refinery. Your statement seems to imply there are profits in refining oil. So, if there are profits there, why don’t you go build a refinery. There is NOTHING stopping you from investing in such a venture.
The problem has nothing to do with incentive, it has everything to do with dis-incentive. The oil companies would love to build refineries here…but they can’t. Their math is like this – invest 1 billion to capital, invest 20 billion in time and effort for permits, engineering, and court costs fighting every “environmental whacko”, all to get (maybe if congress doesn’t confiscate it first) 1 million in profit. Not a really good investment.
On June 10th, 2008 at 10:38 am, khan said:
#57:
oh, wise_man, wise_man…who gets to decide? your boy, McCain, that’s who!
———-
McCain is only one of 100 senators “led” by democrats who only seem to be able to produce excuses.
What is your problem?
Some on the site say yes on this… Question, how much as a percentage of gross sales is too much profit??? Is 15% too much, 10%, or 8%, 5%, 3%, 1%??? The business I worked in for years, 5% was a great profit. Most of our profit was in the 2% range. So again , what’s windfall? Than who determines this number??? And if 3-4 or 5% is excess for EXXON, is it also EXCESS for MICROSOFT, PROCTOR AND GAMBLE, or GENERAL ELECTRIC??? Yeah, this worked wonders under JIMMUH… Gas lines, alternate day rationing. Real winner there!!! You want to do something, check on why the DOLLAR is FALLING??? Check on why we can’t DRILL within the US for our own resources??? Why we keep sending $140.00 a barrel to people who hate us, or people who would like to see us DEAD??? Now, that’s something to investigate!!!
#68:
besides hypocrisy and “repubs” in dem’s clothing?
A windfall profits tax makes risky ventures that could potentially dramatically increase the domestic oil supply less attractive.
I work for an oil company, albeit one much smaller than ExxonMobil. Large projects have a rate of return, or net present value hurdle, and these are risk adjusted, because an expensive project may be a geological failure (no oil/a lot less oil/gas than expected), or an engineering failure, or the commodity price may crash, as happened in the 1980s and again in the 1990s (when I was laid off, BTW).
A windfalls profit tax will only slow oil company drilling activity, which will reduce domestic supply, and increase price, and increase the trade deficit. The expected revenues to the government from a windfall profits tax will also be much lower than the Dems expect.
Exxon may benefit from higher oil prices, but they don’t set them. Traders do.
This is the list of countries that we buy oil from, from the largest to the smallest:
Crude Oil Imports (Top 15 Countries) (Thousand Barrels per Day)
CANADA 1,795
SAUDI ARABIA 1,535
MEXICO 1,232
NIGERIA 1,154
VENEZUELA 858
IRAQ 773
ANGOLA 384
ALGERIA 247
ECUADOR 231
KUWAIT 199
BRAZIL 188
COLOMBIA 135
RUSSIA 108
CONGO (BRAZZAVILLE) 105
CHAD 101
Does Canada hate us? I didn’t know that. Saudi Arabia? They have radicals in their population, but we aren’t buying crude oil from them, we’re buying from the government. And if the government of Saudi Arabia hates us and wants us dead, then they seem to be talking their sweet time in killing us. I haven’t seen any Saudi Arabian warplanes buzzing the US, or heard of any news of the government of Saudi Arabia firing test missiles over the US continent.
Iraq is on that list but we’re in their country. Iran – the number one sponsor of state funded terrorism isn’t on that list. We buy from Venezuela – and every American who buys CITGO gas are the ones transferring their money directly to Chavez. The Kuwaiti people and government don’t hate us.
I would say that the people who hate us are the democrats in congress and the senate who are against drilling for oil and gas here in the US.
#70
can you be more cryptic?
There are just way too many uninformed/misinformed people in this country to get a fair solution to this problem. I think the only way is to just dig in and wait out the second coming of J.C.(Jimmy Carter)! That’s the only way these people are going to see the light, is to hit them over the head with the light pole. Then we should get 8-12 years of sanity.
Exactly.
#74:
As if this isn’t cryptic: “What is your problem?”
I think a quick fix to the gas prices is for everyone to stop using the drive-thru. If you add up all of the gas wasted in fast-food, bank, and pharmacy drive-thru’s we could probably save 2-3 million gallons of gas a week. The price would drop almost overnight. No one would have to give up their cars, and no businesses would be hurt.
Ditto! I’ve been saying that forever about streamlining the blends! It will greatly reduce the bottlenecks at our current refineries.
Yes. What is your problem. In case you haven’t figured out, McCain is only one of 100 senators “led” by democrats who only seem to be able to produce excuses.
Go pester someone else.
#80:
McCain led by dems? What a load of bunk. Once again I’ll toss your boy’s words in your face:
“Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.”
This is the man you want to elect. Oh, that’s right…you’re not voting for McCain, you’re voting against Obama.
roll call, here we go.
It’s not rocket science. If you increase taxes on the oil companies, it will increase the price at the pump in two ways. First, the tax will be past on to the consumer. Second, there will be less incentive for production in the U.S., reducing supply and thereby increasing the price. Perhaps the Dempocrat’s plan is to put us into a depression, thereby reducing demand? DMF’rs.
Didn’t Nancy Pelosi promise that if the Democrats were elected in November of 2006 the price of gasoline would go down?
HEY #57, in the meantime, $10.00 a gallon would absolutely kill my family. Please hope for something less painfull!!
khan,
McCain is only one senator of 100. The senate is being led by democrats right now.So yes, he is being “led” by democrats. Are you one of Obamas internet plants?
OK, class, let’s review what we have learned here on this site in the last few weeks.
1. By congressional mandate, 92% of federal lands are closed to the drilling of oil or natural gas.
2. By congressional mandate, there is a moratorium on producing any studies on whether or not there are any oil or gas reserves off the east coast, west coast, or gulf coast.
3. Federal gas tax acounts for 42 cents on the gallon. Oil company profits account for 9 cents on the gallon.
I’d say, “three strikes and you’re out.”
Gas would go down fast with a 3 day walkout. National 3 day protest. No work, nothing stay home 3 days. just stop.
#57:
I haven’t been shafted. No one is holding a gun to my head forcing me to buy gasoline.
I agree something needs to be done, but I suspect we strongly disagree on what that something is.
#88
except for http://www.michellemalkin.com of course
#86:
No democrat put these words in McCain’s mouth:
“Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.”
He isn’t “led” by anyone; the man isn’t talking about what he’ll do as a Senator; he’s talking about what he’ll do as president. And remember, he’s a Maverick; he isn’t led by anyone.
Profit is NOT a dirty word. In fact, if the company I worked for had made one, I might still have a job. But Big Government got involved and WALLAH, I’m a home maker trying to buy gas and groceries.
The American economy works great when government keeps its hand out ! Survival of the fittest and all that good stuff.
What are you nuts??? Do you actually think this will have an effect? Do you know anything about basic economics?
We need to start drilling for more domestic oil now! That’s the only way we will bring the price of gas down. Flood the market with more supply!
Where are all the Democrat liberals who comment on this blog? Anything to say about the stupidity of your Congress?
What’s your problem?
He isn’t “led” by anyone; the man isn’t talking about what he’ll do as a Senator; he’s talking about what he’ll do as president. And remember, he’s a Maverick; he isn’t led by anyone.
———————–
He is not president yet. He is a SENATOR.