Democrats in the US Senate yesterday called for a temporary special tax on oil companies’ profits and a rollback of $17 billion in oil industry tax breaks as part of an energy package.

The proposed 25 percent profits tax would apply just to oil company earnings above what would be considered “reasonable” and only if those profits are not reinvested in expanding refinery capacity or renewable energy sources.

Not surprisingly, Senate Republicans strongly oppose any additional oil industry taxes, which are widely viewed as unlikely to be enacted and would almost certainly prompt a veto by President Bush. The Democratic leader, Harry Reid of Nevada, said Republicans offered “more of the same failed energy policies that brought us to this point.”

All the makings of another political stalemate…


  • we have a chose in the election for president but one thing for sure we

    our only hope for change is to have a democrat in office

  • Ok – let me see here.

    Big oil profit is about 10 cents a gallon.
    Government taxes are about 18 cents a gallon.
    State taxes can be as high as 68 cents (New York).
    So who is making all the money off of us at the pump?

    So the solution is to have government throw additional tax on the oil company’s profits? How would this help us at the pump? It won’t, it will just put more $$ into the government’s pocket which is already making more off a gallon of gas than the oil companies.

    Another question: Why are we only complaining about big oil when there are other companies that have a larger profit margin?

  • Ron,

    You are an idiot. Big Oil Companies are recording RECORD profit’s BILLIONS of dollars in there pocket (net profit). I don’t think I have ever heard someone so stupid, the government is the reason gas prices are so high, honestly the tax’s were the same yet gas was $2.00 a gallon.

    Your response was completely unfounded and just plane dumb.

Comments are closed.