Specter: U.S. should consider windfall oil tax

AP ^ | 4/23/6

[Crackingham]

The government should consider a tax on oil companies if they make excessive profits amid rising gasoline prices, a leading Republican senator said Sunday. Pennsylvania Sen. Arlen Specter, chairman of the Senate Judiciary Committee, said a windfall profits tax, along with measures to stem concentration of market power among a few select oil companies, could offer eventual relief to consumers hurting at the gas pump.

"I believe that we have allowed too many companies to get together to reduce competition," Specter said.

"They get together, reduce the supply of oil, and that drives up prices," he said. "In the short run, it's hard to deal with it for tomorrow. But I think windfall profits, eliminating the antitrust exemption, considering the excessive concentration of power are all items we ought to be addressing."

Specter is backing legislation that would strengthen antitrust laws on oil company mergers after his committee held a hearing last month examining the growing consolidation of the oil industry. The nation's largest oil companies, including Exxon Mobil Corp., have denied their industry size has affected prices.

Last week, crude-oil prices hit record highs and average gasoline prices nationwide neared $3 a gallon.

Sen. Carl Levin, D-Mich., said he believes gas prices "would come down within a matter of days" if President Bush told oil companies that he was going to support a windfall profits tax.

[Joel76]

You may have been talking about Sheiks and Imams, but it certainly is no different in Washington as rhino pointed out. Costly regulations and exorbitant taxes isn't my definition of a government upholding my best interests.

[SquarePeg101]

WPTs haven't worked in the past and they won't work this time either. I mean really, the government already taxes gasoline by almost $.46 per gallon! How much more do they need?

[Mecca]

The ignorance coming from Washington is staggering. Windfall taxes are a proven failure and you don't have to go back too far for the evidence since they were repealed in the '80s. Term limits anyone?

[pigdog]

Actual;ly I'd rather see the FairTax passed first and THEN term limits. It sould be way more effective in getting rid of the Deadwood in DC; the Beltway Bastards.

[luckystar]

Thank you-- clearly a WPT is not an effective way to reduce gas prices (especially considering that the cost will just trickle down to the consumer), nor is throwing regulations onto oil companies. Why don't we think about domestic sources of oil or investment in alternative fuels? Constructive instead of destructive, I say.

[oldhats]

Bravo, luckystar. We do need to consider tapping into ANWR, the Rockies and the Outer Continental Shelf. It's time to start talking sensible energy policy instead of all this political theater we've been seeing in DC.

[from occupied ga]

Any reason fools like Spector are voted into office?

Yes. Sadly, he represents the views of the majority of the voters in PA (who are obviously fools for voting for him). Economic ingorance and envy are rampant in the USA. Even on this forum retards have been calling for government intervention to prevent oil company "price gouging"

GA is no exception. Shown on the news last night was a group of black "protestors" condemning the oil company profits $.09 - $.12 per gallon and ignoring the governments plundering of $.42 - $.62 (depending on state)/gallon. These people are dumber than a Katrina victim. Oil companies take risk and invest capital and are entitled to profits. The government doesn't invest anything. It doesn't provide anything (except laws that make all human activities except abortion more difficult). it just seizes the fruits of the labors of the productive citizens and squanders the pelf on its friends.

[G.Mason]

Though painful to admit, you have hit the proverbial nail on the head.

Have you read this ... Free Republic post from yesterday?

Or this one from yesterday also?

Regards

[tcostell]

WF Buckley had a great quote. He used to say:

"I'd like to take your opinion seriously, but I'm afraid it would be an insult to your intelligence."

We should try to find ways to make our politicians embarrassed to admit their economic illiteracy like this.

[pigdog]

Easy - start talking to them about passing the Fairtax. They'll pull a pillow over their head to hide the blushing.

[savedbygrace]

McSpecter's statements fly in the face of actual facts.

[pigdog]

Sorry, but Arlen doesn't qualify as a "leading Republican Senator" in my book.

He's an ignorant twerp.

[princess_4_life_111]

I am currently a student at Colorado University. I am doing studies on an Oil Business and why they should not do business in Iraq. Boy, that was a no brainer. I certainly do not have any solutions. But by reviewing what alot of what y'all said it was sad to see so many insults. If everyone tried to work together.....maybe a resolution to our high gas prices could happen. Fighting and calling people names just takes me and probably a lot of people, back to third grade.