don’t worry, the party that wants to bring you the change you deserve is giving it to you again…
today the RATpublican’ts in the senate killed a bill that would have placed a windfall profits tax on the profits of the largest oil companies…the legislation was turned back by a 51-43 vote.
more below the fold
in a vote along partisan lines, the RATpub’s have once again rallied behind the interests of big oil and embraced the ill-advised energy policies that have been the hallmark of this administration:
Senate GOP blocks oil taxes
The Democratic energy package would have imposed a tax on any “unreasonable” profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill’s supporters argue has added to the crude oil price surge.
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The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined “reasonable” when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation.The legislation also would:
–Require traders to put up more collateral in the energy futures markets and open the way for federal regulation of traders who are based in the United States but use foreign trading platforms. The measures are designed to reduce market speculation.
–Make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency.
–Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel.
to borrow a phrase from poppy: READ MY LIPS! NO NEW TAXES “if they invested the money in alternative energy projects or refinery expansion“.
fear not though, they have a plan for the spare change you deserve, and it just happens to involve ANWR:
“Republicans by and large believe that the solution to this problem, in part, is to increase domestic production,” [RATpublican’t leader, sing along with mitch] McConnell said.
A GOP energy plan, rejected by the Senate last month, calls for opening a coastal strip of the Arctic National Wildlife Refuge in Alaska to oil development and to allow states to opt out of the national moratorium that has been in effect for a quarter century against oil and gas drilling in more than 80 percent of the country’s coastal waters.
who’d a thunk.
obama has gone on record re: this issue…says he would impose oil windfall profits tax.
I just don’t see a windfall profits tax doing anything but exacerbating the current situation. This problem is
I’m afraid I don’t buy the WPT solution. Rhetoric and demagoguery is not an energy policy, nor is collectivist.
long on RATublican talking points, short on facts. perhaps you agree with the on going RAT meme that it’s all clinton’s fault for vetoing drilling in ANWR in ’95?
fyi, the average price of a barrel of oil in ’95 was $16.75, and when clinton left office and chimpy took over, the avg price was $29.305, a far cry from todays price of $131.53.
the energy policies and priorities of this country, as well as the global interests, has got to change. this was an opportunity to show some leadership, but no, we can’t have that.
this was an excellent carrot and stick bill…what part of “The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion” don’t you get?
this legislation would have encouraged development and implementation of alternative energy strategies, via corporate investment in lieu of fattening the share holders off shore accounts. we can do it as part of a market based strategy, or we can do it with tax policies. in fact, many of the major oil companies already invest a miniscule amount of their profits in such things. BP, and ConocoPhillips have increased their r&d investments in regard to alternative sources such as hydrogen fuel cells, solar and wind power, and clean diesel fuel made from renewable resources.
the shift in priorities is going to be painful, because since raygun was elected, way back when, big oil and big coal, and big energy have dictated the policies. it’s becoming the elephant in the room, and the huge pile of Bushit™ that accompanies it is getting damned hard to ignore.
things are going to change…sooner rather than later. the level of dependence in the u.s. has reached the point of diminishing returns and crushing implications for our economy as a whole..
my 2¢ ymmv
hmmm, I remember not long ago the big hooo-raaahs when the Dems supposedly took control of DC….what the hell happened to that…
now a few RatPugs are going to fillibuster…
this shit is just gone way to far,
we need some balls in DC, or their just gonna keep cutt’n ours off
good article dada, and I would guess that the poster here in favor of the Rat’s deal has a nice oil profit share in their retirement ; )
peace bro