Senate Democrats want the government to determine how much profit is too much for the oil companies, and to take the "extra" through a windfall profits tax.
Why stop there? Why not just set profit amounts for every industry?
It's even easy, since the manual for doing so was written back in the early 20th century in a place called the Soviet Union.
A more updated model is available in today's Venezuela, where Hugo Chavez has simply confiscated oil fields and "nationalized" them. Kind of like Castro "nationalized" everything in 1959.
How's that working out?
Of course, the question must be asked: What will Congress do with "excess" oil profits? Put it down the same rat hole as they do with our money?
And since when can members of Congress tell anyone anything about money management? There may be no worse money managers in the world.
Think that's an exaggeration? Consider: In about a decade, Washington has turned the United States from the world's largest creditor nation to the world's largest debtor nation.
That's like coaching the 16-0 New England Patriots of last year to an 0-16 season this year. That kind of turnaround takes more than blissful negligence; it takes active malfeasance and chronic incompetence.
And these people want to run our energy companies. And our health-care system. And our education system. And our retirement system.
Every so often, a sensible member of Congress proposes that lawmakers should have to cite the constitutional authority for each law they pass -- to list the specific phrase of the Constitution that allows them to do what they're doing. You know what? They always reject the idea.
The reason is clear: A growing number of members of Congress want to act outside of the Constitution. They want to do whatever they darn well please. They don't need no stinking Constitution. They will "fix" what's right in society, whether we like it or not.
Well, for one thing, they're not authorized to do that. The Founding Fathers specifically limited the role of the federal government. Sadly, Washington has been violating the spirit and letter of the Constitution for decades.
For another thing, Washington has us $9 trillion in debt -- and owing another $70 trillion or more -- that's trillion -- in future unfunded costs for Social Security, Medicare and Medicaid. Your brave lawmakers, some of whom now want to play chairman of the board at Energy Inc., have done absolutely nothing to plan for those costs. And every day, they are spending more than we can send them and digging a deeper ditch for us and our progeny.
Here's a better idea: How about Congress be required to get its own house in order before it runs around violating the Constitution by trying to run the economy for us?
A simple fast way to cut gas prices is to end the $.51 per gallon tarriff on imported Ethinol.. Saxby's special interest does not want that so we are screwed.
I think BO has the right idea. Stop all energy incentives and raise taxes on energy use. That should get the price of gasoline over $10/gal. in no time. Obama '08
It's funny how this administration has completely ruined the economy, and the only answer from the AC is to defend the gluttenous profits of big oil. If you want to know why the far-right has lost touch with the average American, just re-read this editorial, and keep-up with patriciathomas comments.
Shivas, that's what is so great about this country! We have the power as individuals to punish those corporations who charge exorbitant prices for their goods and services. We can find alternatives to their products. Read your constitution, especially the 10th amendment. Like the song says, "If he can't even run his own life, I'll be d!@#$d if he'll run mine." Fits perfectly with our governments illegal intervention.
Shivas.......take the saddle of the dead horse. No "administration" did anything. Congress is the authority by which all the energy policy of this country was founded.
I guess you want to blame the Democrats? @Amazed.
Didn't GWB call this a supply & demand issue and refused to investigate oil companies just last year despite them making record earnings while the rest of struggled? I know we have refinery issues in play, but the real winners are obvious here. Cheney's former employer is milking us for billions without any direct competition in Iraq. Oil companies are making billions per quarter while we figure out how to make ends meet. I think I see why the war is important to Conservatives. They need to make as much money as possible before November 2008. What's worst is GWB went to Saudi last month begging them to increase oil production and they refused. We can't move about Iraq without restrictions from a lame government. We can't increase oil production from Saudi Arabi. We allow the Iraqi's to keep $700 million in oil revenues while we tax Americans for their defense. Someone please help me understand why we need John McCain again? By the way....patriciathomas has lost her mind. I wish we could put her comments on the internet and not Jeremiah Wright's. Obama would have a landslide in November. Its hard to believe people are that crazy.
Didn't GWB call this a supply & demand issue and refused to investigate oil companies just last year despite them making record earnings while the rest of struggled? I know we have refinery issues in play, but the real winners are obvious here. Cheney's former employer is milking us for billions without any direct competition in Iraq. Oil companies are making billions per quarter while we figure out how to make ends meet. I think I see why the war is important to Conservatives. They need to make as much money as possible before November 2008. What's worst is GWB went to Saudi last month begging them to increase oil production and they refused. We can't move about Iraq without restrictions from a lame government. We can't increase oil production from Saudi Arabi. We allow the Iraqi's to keep $700 million in oil revenues while we tax Americans for their defense. Someone please help me understand why we need John McCain again? By the way....patriciathomas has lost her mind. I wish we could put her comments on the internet and not Jeremiah Wright's. Obama would have a landslide in November. Its hard to believe people are that crazy.
This problem can't be attributed to any one president or any session of congress, the problem started a long time ago and has compounded since FDR's new deal. It baffels me that people want the government to run businesses, when they can't even run the post office efficiently. We have seen how well govt. run/owned businesses work ... they fail. Why? Because you have a bunch of people who don't know anything about the business trying to run it. What does Obama, Bush, McCain, Clinton, or most politicians know about running a successful insurance business, oil company or a successful healthcare system? They have no experiance running businesses (well Bush does but not very good experiance). Why do people want to trust a group that can't even balance a budget to run a single business more or less "nationalize" all business? Why go after oil companies? Cosmetic companies make a much larger profit margin. I think (correct me if I'm wrong) Exxon's PRE-TAX profit margin was only 18.6% (that's low!).
Why doesn't anyone mention the fact that the oil companies themselves don't really make money. It's the stockholders and investors that get paid the profits. Got an IRA? Got a mutual fund? Odds are YOU are the one getting paid from Big Oil's profits.
Let's see; the government makes more on a gallon of gas than the oil company. Okay now let's think; where do we begin to fix the problem. A seven year could figure that out.
All of this talk about millions, billions and trillions prompts the honest question, what word is used beyond trillion? Has a word been invented for that since we will soon need it?
Just more ACE propaganda, to get my wealthy boss more tax breaks. The oil companies are just guise. Yeah, like Pat says,the buck stops over there. It's all somebody elses fault.
Shivas, your usual baseless drivel. This admin has done NOTHING to cause our economy to go down hill. Your ignorance of how our government works only underscores the fact you are just plain ignorant. Congress is the body of our government that can affect our economy, which the DIMs are trying to do with the oil companies by eliminating any incentives they already have to produce gasoline and other products as fast as we can consume them. Yeah, take those tax incentives away, add a "windfall" profits tax and see what a gallon of gas will cost you. Stupid is as stupid does-Forrest Gump (and he is a lot smarter than you or Osama even if a retard).
You do know that the "rich guys" you want make pay own less that 1% of the stocks in most oil and energy companys. The bulk of stock is in IRA's, Mutual Funds, 401K's and other portfolios owned by the middle class. Lets stick it to the middle class.
Hypocrap, the DIMs have blocked Repub attempts to drill our oil and build new nuclear facilities. You and your leftist ilk screamed tht Bush was destroying the environment by relaxing some of the draconian regs by executive order. So yeah, I blame the DIMs. Prove me wrong and tell us who was in control of Congress when the current energy/environmental laws were passed. I do believe BJ Cliton signed the ANWAR bill that wont allow drilling there. Who has been in control of Congress for almost two years now during which most of these problems have arisen?
RCR, if your employer were not wealthy, you wouldn't have a job, so thank him.
Same as always from the far left and dims.....Gim me! Gim me! Gim me! If they don't get it, then it must be the goverment's fault. Take care of me. Its called class envy I believe.
RCR how can you be so blind to think that this is propaganda? Please re-read my 9:17 post and the two that follow it from apachecris & soldout. Do a little research yourself too and become informed on the economics behind the oil industry. It's not some Bush administration conspiracy as many would want you to believe, it's the govt. trying to squeeze more money out of your pocket. Who do you think is going to pay for these windfall taxes the govt. wants to impose on oil companies? The "evil" CEO's and top brass? NO! You are! They are just going to pass the cost along to the consumer. Like I said before oil companies have a small profit margin compared to other industries like the cosmetic and newspaper industries for example.
Apachecris,Week and Barstool have made a good point. Those BIG profits that oil companies make go to the stock holders. That's ANYONE who has a pension plan of just about any sort. So, lets tax those nasty rich oil stockholders... You are taxing you and me. I don't know about you, but I'm not rich. Not by any candidate's definition... Unemployment is now up to 5.5%. Tax hikes have been proposed for "the rich", those that make over $200K. Small businesses are made mostly of people from that tax bracket. Who provides most of the jobs in the US? Small business owners. If we raise the taxes on small business owners, unemployment will go up. RCR, you have a problem with your "rich boss", but he provides you a paycheck. If taxes go up to the proposed amount, do you think he will take money out of his pocket or cut his costs? Wouldn't it suck if the next check you picked up had a pink slip with it, because he had to cut costs?
...but what about your George Bush's mismanagement of our cash on this senseless war?
Tell that to the good corporate people of Enron and Tyco, barstool dreamer. I see their middle class workers benefitted greatly from the greed of their CEO's.
jack, the Conservatives led the Congress, Senate, & Presidency for six years straight. They never did anything to change our energy problems. Be honest and admit our energy problems started when we went to war with the largest suppliers of oil in the world (Muslims/OPEC)? The Republican led congress were warned about our refinery deficiencies during Katrina. Nothing was done because Conservatives thought we could get more oil by going to Saudi and begging for it...It's people like you that work awefully hard to displace the truth while average people suffer. Something evil is at work when this administration refused to investigate oil companies that were and still are making billions while convincing our idiot President to tell us this about supply and demand. Help us understand your logic...Oil companies made $10 billion in two quarters last year, Iraqi's earned $700 million in oil revenues, & we can not afford to drive any vehicle as a result. So make us understand that we have not sold our tails to oil companies with the help of the Bush administration.
The 401K talk is crap. Me and most everyone I know has seen all of their funds go down lately. If any of our selections had stock from the oil companies in them they would be rising.
My fund is growing... it's invested in oil... till July 1. Regardless, at that time, I'm getting out. The Fed will raise interest rates, the dollar will recover, and speculation will go to the next "great good thing". This bubble is going to break, investors will suffer as we did with the dot.com and housing bubbles, and Americans will enjoy much more reasonable gas prices.
JACK, sorry you did not make lunch last thursday, hope you are well, a man your age needs to take care of himself. By the way The oil companies & Dick Chaney set our current energy policies. They wanted tax breaks & got tax breaks.If they wanted off shore drilling & more refineries congress would provide for a price.. Just look the the Chambliss Farm bill, our Congress is for sale CHEAP.
IMD, you need to see what your 401K goes to. Like SHivas pointed out, ENRON folks lost everything. Their 401Ks were going to their company. Never a good idea. Look at the industry or othe funds that your 401K invests in. That may be your answer. People who own pension funds, IRAs, 401Ks and such that are investing in oil are not losing their money, but will if the investment profit penalty... I mean the windfall profit tax goes into affect. Parker is right about the Repubs being incharge for six years and screwing things up. That's why we didn't vote them back in. Think about that when you vote in NOV.
cparker needs to research the Carter adminisitration and the oil scare of the 70's
Shivas, pls explain how the administration has ruined the economy. Now if you want to say congrress, maybe some people will go along with you!
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