Republican Senators Once Again Choose Big Oil Over You.

8 Comments

 
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Sure, it’s a public company and they deserve to make a profit – I don’t begrudge the oil companies that at all, really. I understand it. What I don’t understand is how they can flaunt their billion dollar profits while saying they cannot do anything about the price of oil. Well actually, I do now – they have great lobbyists that have amazing powers over the GOP Senators in Congress…along with a few Democrats as well. From 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.”…Six Republicans, including three seeking re-election in November, broke ranks to support the bill.

Yes, they should make a profit. No, the government should probably not control what they do with their profit. But when they get the kind of subsidies they get from our tax dollars, I think they can stand to share some of their huge profits with us, especially when oil and gas prices are so high. Don’t want to share? Don’t take my tax money in subsidies. Oh, and by the way- from what I have been reading, these gas prices are here to stay for good, so do not assume that you will see any relief or put anything off because you are waiting for prices to drop. This is the new “normal” and I am guessing we should all get used to it – this morning it was $4.79 a gallon here in my neighborhood.

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Comments

  1. I agree the government really should not interfer too much with the any business, America has become as successful as it has thanks to capitalism. But with soaring gas prices going to hurt the economy the fact that oil is going to run out sooner or later even the oil companies need to start looking for alternative fuels. I think taking a little money from these huge profits to put into research to get us off oil is a great idea it is a shame that congress is controlled by big business.

  2. I agree Phil – I can only imagine what that kind of money (or any percentage of it) could do when put into R&D for alternatives!

  3. Sorry, but taxing the oil companies is not our solution to cheaper fuel. Where do oil companies, or any business for that matter, get their money to pay taxes? From us, the consumers. Taxing them more, will cost us more. ExxonMobile is not going to say, “Wow! Those taxes are high. Let’s charge less for gasoline.” They will pass these new taxes on to the pump. $4.79 the new normal? If oil companies are taxed an extra ten percent, the new normal is now $5.26, at least.

  4. It’s not about cheaper fuel Travis – it’s mostly about the fact that they get HUGE subsidies from our tax dollars AND they make billions in profits. They cannot have it both ways. No one said gas prices would come down; the taxes would be used to explore alternative energies.

  5. David. well put. they can’t have it both ways.
    however, instead of only choosing one, lets give them neither. no tax subsidies and no digging into their profits. Let them work like any other business. Our governements problem (well, one of them) is that we’re getting too involved in way too many areas. America was founded on the ideas that a people’s government should get out of the way and allow the people to decide their fate. True, there are some things the governement must do on a regulatory basis and there are those that need assitance for certain things. But, there are many things where the government would do well to simply stay uninvolved.

  6. The average profit margin for an oil company is 5 to 7%. The average tax rate for a gallon of gasoline is around 15%. Who is making the windfall profit?

  7. I agree in theory Adam – but until the govt gets out of our private lives, I assume that they want to be involved with everything. 😉 If they want to choose what a woman can do with her body, or who can marry who, then they can decide to tax the oil companies to their hearts’ consent.

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