Senior US Republican says oil tax may be needed (windfall profit tax!)

[elehhhhna]

Senior US Republican says oil tax may be needed
Reuters ^ | 10/28/5


Posted on 10/28/2005 3:21:21 PM PDT by Crackingham


A senior Senate Republican said he would consider a windfall profit tax on oil companies to generate funds to help poor Americans pay home heating bills that are expected to be sharply higher this winter. Judd Gregg, chairman of the Senate Budget Committee, said he was concerned that U.S. oil companies were reporting record-high profits when some families will be unable to pay their natural gas and home heating oil bills because of high energy prices. Gregg said he would "pursue options in this area" in coming weeks.

"I believe it is time to take a serious look at reinstituting an excess profit tax on oil companies with the proceeds being put towards the Low Income Home Energy Assistance Program (LIHEAP) and deficit reduction," Gregg said in a statement.

On Thursday, Exxon Mobil reported quarterly profits of $9.9 billion amid other record high energy company earnings. The profit announcements prompted Senate Majority Leader Bill Frist to say he would ask the top executives of major oil companies to testify on why oil prices are so high.

Gregg, who was given high marks as a conservative Republican in 2004 by the American Conservative Union, acknowledged that it was unusual for him to call for a new tax.

"Some might call this a novel approach for me, but I cannot sit back in good conscience while those in our society struggling to heat their homes are being left in the cold by oil companies," he said.

[LiberalEsto]

1. They're worried about the 2006 elections

and the wrath of average Americans who are being gouged, ripped off, squeezed and sold down the river by the rethug party's corporate masters.

[4MoreYearsOfHell]

2. Well hell, they'd just pass it along to us, you know

that's good bidness to them good ole boys...

[Rowdyboy]

3. When a Senate Republican committee chair calls for a tax increase

on oil companies, then truly, hell has frozen over. This story is big.

[durablend]

4. They're worried Diebold isn't airtight

Repukes are screwed without the BB manipulation.

[SoCalDem]

5. Way too little..way to late

:(

and does anyone think the oil lobby will "allow" it?