WASHINGTON, June 10, 2008
Republicans Block Taxes On Big Oil Profits
Senate GOP Stops Dems' Effort To Rein In Profits Of Largest Oil Companies As Gas Prices Soar
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(CBS/iStockphoto)
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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.
"Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D., and want Congress to do something about oil company profits and "an orgy of speculation" on oil markets.
But Republicans argued the Democratic proposal focusing on new oil industry taxes is not the answer to the country's energy problems.
"The American people are clamoring for relief at the pump," said Sen. Pete Domenici, R-N.M., but if taxes are increased on the oil companies "they will get exactly what they don't want. The bill will raise taxes, increase imports."
The Democrats failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster and bring the energy package up for consideration.
The American Petroleum Institute, which represents the major oil companies, has been reminding lawmakers that in the early 1980s, when the government imposed windfall profits taxes on oil companies domestic oil production dropped and imports increased.
But Democrats reject the comparison.
"If you don’t tell the big oil companies they can no longer run energy policy in America, we will not succeed, plain and simple," Sen. Charles Schumer, D-N.Y., told CBS Radio News.
Separately, Democrats also failed to get Republican support for a proposal to extend tax breaks for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. The tax breaks have either expired or are scheduled to end this year.
The tax provisions were included in a broader $50 billion tax measure blocked by a GOP filibuster threat. A vote to take up the measure was 50-44, short of the 60 votes needed.
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 It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other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:
Republican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats' response and has ridiculed those who "think we can tax our way out of this problem."
"Republicans by and large believe that the solution to this problem, in part, is to increase domestic production," 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.
© MMVIII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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- funny how this is not news according to cBS
WASHINGTON %u2014 A House subcommittee has rejected a Republican-led effort to open up more U.S. coastal waters to oil exploration.
Rep. John Peterson, R-Pa., spearheaded the effort. His proposal would open up U.S. waters between 50 and 200 miles off shore for drilling. The first 50 miles off shore would be left alone.
But the plan failed Wednesday on a 9-6, party-line vote in a House appropriations subcommittee, which was considering the proposal as part of an Interior Department spending package.
With record oil prices and gas prices projected to hover around the $4 mark for the rest of the summer, Republicans have ratcheted up their efforts to open up oil exploration along U.S. coastline. But the long-sought change has so far been unsuccessful.
Oh,I know why, because you can''t blame Republicans
A-wipe Democrats can only do things for perceived political gain. They knew that the GOP would reject the windfall tax plan. They only want to have a political issue. They know it does not work It was tried in the 80''s and what happened? Thats right the price of fuel went up.
You Lib''s are so gullible - Reply to this comment
- The democrats may not have the best or correct answer, but compared to what the republicans have done for us and the economy they look like geniuses and the republicans look like perfect candidates for being the theme of a Budweiser real men of genius commercial!
- Reply to this comment
- Rethuglicans are pandering to their money men. So what''s new?
- Reply to this comment
- I''''m always amused when I hear people react by using the term ''''socialism''''. Your local police, fire and emergency services, as well as education, infrastructure, highways and military are ''''socialized''''. If you are against that, then answer me this--would you be willing to go without all of the above or should we each get an individual bill for the extent to which we use them?
Posted by ofbyfor1 at 07:49 AM : Jun 11, 2008
Now you''re going to confuse the Limbaughbats - Reply to this comment
- Damien McElroy spent a whole week i Iraq ? Gee i wonder how he managed to mak it for such a long period of time ?
- Reply to this comment
- Posted by maxify55 at 07:21 AM : Jun 11, 2008
I''m always amused when I hear people react by using the term ''socialism''. Your local police, fire and emergency services, as well as education, infrastructure, highways and military are ''socialized''. If you are against that, then answer me this--would you be willing to go without all of the above or should we each get an individual bill for the extent to which we use them? - Reply to this comment
Related-
"Fuel price protest goes global as anger mounts"
"A global backlash over high fuel prices escalated on Tuesday. Truck drivers were killed in Spain and Portugal while manning picket lines, and violent protests spread to India."
Come on U.S. truckers!
What are you waiting for?!!!- Reply to this comment
Re: "Posted by FeelFree4U at 07:06 AM****************Spoken like a true socialist. Work for what you want. Then come ask if I want to sell you some of what I have."
Posted by maxify55
I''m pretty sure that you have nothing that I would be interested in.- Reply to this comment
- I see your Volt and raise you 4 - 3/4 ton 4X4 Suburbans. I''''m not whining abut the cost of fuel. Things cost what they cost. It''s called supply and demand. I''m not a whiner like most here. Socialists cry because they want what their neighbors have without having to work for it. Pretty simple economy and it still doesn''t work. See that word there? It''s called work. Try it sometime.
Posted by maxify55 at 07:21 AM : Jun 11, 2008
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Nobody really appreciates the true artistry of a blithering, uninformed dumass anymore. But I appreciate you maxify55. - Reply to this comment
- Big Oil Big Car = Big F-ked
- Reply to this comment
- The Repubs in Congress proected their benefactor''s windfall profits so campaign funding will be safe for the fall races.
The question is, how big of a price will the Repubs pay in the fall for this deed against their constituents? - Reply to this comment
- "Posted by terrorislami at 05:44 AM********************************* What are you blubbering about, boy?" Posted by maxify55
Ah the usual, he still thinks Iraq had WMDs and that Bush should continue his genocide against Muslims, this is his service to Kali, the goddess of death worship. - Reply to this comment
- Damien McElroy spent a week in the heart of the insurgency in Anbar province in Iraq. In the second of seven exclusive reports he describes how peace and prosperity have returned to a town formerly riven by sectarian killings.
Posted by terrorislami at 05:44 AM : Jun 11, 2008
You reallyaren''t very bright first thing in the morning--all that death and destruction was 100% unnecessary and wouldn''t have happened if Bush was more dtermined to go after the oil in Iraq than to go after Bin Laden in Afganistan.
Those are two seperate unrelated events and at the time our priority was to go after those responsible for 911--thats it!! - Reply to this comment
- Posted by terrorislami at 06:14 AM : Jun 11, 2008
I LOVE IT!
Posted by corey2444
I second that! - Reply to this comment
Re: "It''s called the Great Brain Drain."
Posted by maxify55
Looks like yours got sucked down it.- Reply to this comment
- Until the american people boycott overseas products tiswill continue if gas drops to 50 cents a gallon the corp worldwill figure out tocharge another way.stop supporting the iport business and watch things drop quick.
- Reply to this comment
Related-
"Fuel price protest goes global as anger mounts"
"A global backlash over high fuel prices escalated on Tuesday. Truck drivers were killed in Spain and Portugal while manning picket lines, and violent protests spread to India."
Come on U.S. truckers!
What are you waiting for?!!!- Reply to this comment
- wow,,, over $130 a barrel and yet those alternative energy sources are still not econimicly viable???
they must be very very expensive then,,, - Reply to this comment
- after america became a country,,, fascist nazi terrorislam demanded that america pay protection money or they would attack americas ships and enslave all on board,,,
thomas jefferson and james madison was having non of that,,, and they sent americas military to kick fascist nazi terrorislams arses in barbary war one and barbary war two,,, why two wars,,, fascist nazi terrorislamists break treaties,,, sound familiar??? can you say iraq,,,
It is a settled policy of America, that as peace is better than war, war is better than tribute. The United States, while they wish for war with no nation, will buy peace with none. President James Madison
the defeat of fascist nazi terrorislam,,,
It is a settled policy of America, that as peace is better than war, war is better than tribute. The United States, while they wish for war with no nation, will buy peace with none. President James Madison - Reply to this comment
- Posted by Rafterman1 at 06:27 AM : Jun 11, 2008
the Iraqi war is legal, demonic-rat hero oscar, emmy, nobel prize winning al bore says so,,,
it actually never ended since it only stopped by the signing of a ceasefire,,, just like the korean war,,,
the resumption of hostilities was only a matter of time since iraq broke the ceasefire agreement,,,
blame saddam for iraq,,, Even clintoon and the dems wanted the resumption of hostilities back in 1998,,,
"We know that he has stored secret supplies of biological and chemical weapons throughout his country." - Al Gore, Sept. 23, 2002
"Iraq''s search for weapons of mass destruction has proven impossible to deter and we should assume that it will continue for as long as Saddam is in power." - Al Gore, Sept. 23, 2002
Moreover, no international law can prevent the United States from taking actions to protect its vital interests, when it is manifestly clear that there is a choice to be made between law and survival. I believe, however, that such a choice is not presented in the case of Iraq. Indeed, should we decide to proceed, that action can be justified within the framework of international law rather than outside it. In fact, though a new UN resolution may be helpful in building international consensus, the existing resolutions from 1991 are sufficient from a legal standpoint. - Al Gore, Sept. 23, 2002
http://www.gwu.edu/~action/2004/gore/gore092302sp.html - Reply to this comment
The road ahead in Afghanistan, and the crucial decision Obama faces.
