Senate Republicans block taxes on oil majors

[w8liftinglady]

http://www.msnbc.msn.com/id/25078420/
WASHINGTON - Senate Republicans have blocked a Democratic plan to tax the windfall profits of the largest oil companies.

Democrats on Tuesday failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster of the energy package, and bring the bill up for consideration.

Democrats said the huge profits enjoyed by the largest U.S. oil companies should be reined with motorists paying more than $4 a gallon for gasoline and oil prices soaring well beyond $100 a barrel. But Republican critics said higher taxes on oil companies would increase — not lower — gasoline prices and reduce the incentive for domestic oil exploration and production.

[Avalux]

1. Good. Obama can use this against McCain.

Senate Dems need to keep trying to get this through. Each time the Pugs kill it, they dig a bigger hole.

[w8liftinglady]

2. that was my thought,too.

I need a lot more info on profits,ceo pay...where do I find those numbers...anyone know?

[Dreamer Tatum]

4. Not good - people are suffering NOW

Plenty of crap to lay on McCain later...they're changing gas prices 2x a day where I live.

This is ridiculous. All I can say is that if they need the profits they're getting to fund future operations and R&D, they'd
better fid a way to suck that shale oil out on ND and SOON.

That, or mandate 40mpg cars. This sucks.

[Avalux]

6. So what do you propose - a gas tax suspension?

Even that would take awhile to get through and would not bring relief. We are to blame for our dependence on foreign oil and even though Americans expect instant gratification, isn't going to happen with gas prices.

I can't help but wonder if the gas prices increase is staged to push through ANWR drilling.

[Hugabear]

3. We need to nationalize the energy industry

I know this is a dead end issue, that nobody's going to touch this with a ten-foot pole out of fear of being called a socialist. But imagine, if energy companies - especially Big Oil - were primarily concerned about producing affordable energy. Imagine if they weren't so damned concerned about profit margins, shareholder earnings, and providing huge bonuses for CEOs. Imagine if they were working for the people, not themselves.

[ProdigalJunkMail]

5. i am sorry...but basic economics is at play here...

the profit VOLUME may be high, but the overall margin is low...i have read anywhere from 4% to 8%...and that margin is NOT a windfall. the company i work for makes much higher margins than that. i think relieving the oilers of their tax breaks (to the tune of $17bln) is a great idea...but tax them on profits? only if it exceeds a certain percentage...not on the raw volume.

oh, and the costs to the oilers WILL be passed on...and anyone who thinks not...well, OK...

sP