From the AP:
WASHINGTON (AP) — Senate Democrats on Wednesday 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 Democrats are also seeking federal penalties on energy price gouging and a suspension of oil deliveries into the government’s emergency reserve.
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 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, according to a summary of the proposals.
The proposals for windfall profits taxes show a willful disregard for history. We commend to you a 2006 Congressional Research Service report, “The Crude Oil Windfall Profit Tax of the 1980s: Implications for Current Energy Policy“. Start with the executive summary, page 2.
The NAM issued a news release yesterday on competing energy measures in the Senate.
UPDATE (11:30 a.m.): Senator Reid’s statement and summary sheet on the Consumer First Energy Act.
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