Calif. lawmakers OK petroleum (windfall) profits tax

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2006-01-10T012923Z_01_N09205272_RTRIDST_0_ENERGY-CALIFORNIA-TAX.XML

SACRAMENTO, Calif., Jan 9 (Reuters) - California lawmakers gave their initial approval on Monday to a bill that would tax windfall profits of petroleum producers and refiners.

The bill by Assemblyman Johan Klehs cleared the state Assembly Revenue and Taxation Committee and will be heard next by the Assembly Appropriations Committee.

The bill by Klehs, a Democrat, would impose a tax of 2.5 percent on profits of petroleum producers and refiners for the year beginning on January 1, 2005.

The bill, responding to gasoline prices topping $3.00 a gallon last year after Hurricane Katrina, aims to collect taxes on windfall profits if the annual profits of oil producers and refiners are above their average profit of the last five years, Klehs said.

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[kysrsoze]

1. They'll just raise the prices.

No problem.

[Toots]

3. That would be a good thing

Not only would Californians get revenues to fix their roads and airports and clean their air and water but people would drive less and the pollution levels would come down. It is a win win situation IMHO.

[Raster]

2. Nationalize the petroluem industry. Now.

[meow2u3]

4. Not with Bushco in power

Nationalize it, but not until a Dem is president. This way, we'd be sure oil and gas prices will be reasonable.

If we nationalized the oil industry now, prices will go up. After all, we're dealing with greedy oil men.

[Raster]

5. The texas white-boy petroleum mafia bought and paid for bushco*

He is their boy. You're right, no justice from the petroleum industry as long as bush* is in the people's house. He's just their front.