Dems propose 'Reasonable Profits Board' to regulate oil company profits

The Hill ^

[Sub-Driver]

Stalin would be proud.........

[isthisnickcool]

Creepy....

[Sacajaweau]

There’s incentive for you.

[MrB]

So, are they going to introduce the

“anti-Dog eat dog” law?

[sappy]

makes sense only for Companies who receive taxpayer's bailout money, and then, only until they have fully repaid the money as determined by an outside Auditor. other than that, what about Apple, Google, Facebook, GE, Utilities Companies, Companies headed by former administration officials....

[GonzoGOP]

I thought the left wanted conservation? Wouldn't high prices cause people to look for ways to reduce use and artificially low prices encourage excessive use?

The libs just want to control every aspect of life. The reasons they are giving for their imperial power grabs don't even make sense any more.

[WOBBLY BOB]

That is why as Investors Business Daily editorialized on April 26,2010 "At last count, 35 such investigations have been conducted over the decades, and none -- not a single one -- has turned up wrongdoing by investors or oilmen." All of this talk of speculation is just boob bait for bubbas, intentionally misleading the gullible, uneducated, and easy to command. As IBD added, "Rather than carry out another useless inquisition of private citizens, our political class should be investigating its own role in the price crisis. The result would be a revelation for those who fall for Washington's line about greedy businessmen whenever gasoline prices become painfully high."

But President Obama does have a policy answer to the question, what is your plan to address rising gas prices? He wants to raise taxes on oil companies. With all of the profits oil companies are making, Obama says, they don't need any subsidies. He labels $4 billion in tax loopholes as oil company subsidies and calls for those loopholes to be closed.

Oil companies should not be getting subsidies from the government in any event. But the dollar amount of oil profits is high because the oil companies invest such huge amounts to produce oil. As a return on investment or sales, oil profits are modest. While ExxonMobile and the other oil companies earn about 7% on sales, respected public citizens such as Google, Microsoft, and McDonald's regularly earn 20% or more.

Moreover, the fundamental truth is that the government doesn't subsidize oil companies. Oil companies subsidize the government. ExxonMobile alone pays more in income taxes than the bottom 50% of income earning citizens combined. In 2008 alone, ExxonMobile paid $116.2 billion in taxes. The effective corporate tax rate for all oil companies in 2008 was 42.3%.

************************************************************************************************************************************************* If you want the lower gas prices, lower oil prices, and lower energy prices necessary for a booming economy, you are going to have to get yourselves another President.

http://spectator.org/archives/2011/05/04/obamas-war-on-oil/

[FlingWingFlyer]

I’d like to see a “reasonable government thievery board” that would determine and control how much of other people’s money the lowlife politicians in Washington are allowed to steal and extort from Americans.

[org.whodat]

Sounds like someone beside newt and perry are after those evil capitalist.

[Da Coyote]

I don’t have the numbers readily available, but does not the govt collect more from the sale of a gallon of gas than the oil company makes in profit?

[hc87]

So, are they going to introduce the “anti-Dog eat dog” law?

And we have a winner on the fourth message on the thread!

[apillar]

...would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas

Then what company would even bother to sell excess oil and gas, might as well dump it into a storage tank and leave it there, in hopes the tax is recinded some day.

[AU72]

And I propose Congress set up a 'Reasonable Profits Board' to regulate the entertainment industries profits.

I've had it with the price gouging of "Big Entertainment".

[Williams]

Sure it makes sense, when you need something make it so companies cannot profit by giving it to you.

After all, they make “enough” and should do stuff for us for free. /s

Why can’t we get rid of liberals this way? Believe me Obama and Michelle are NOT going to do this for nothing.

[Michael Barnes]

How 10-289 of them...

[SandRat]

Something reasonable proposed by “Dennis the Menace?”

[Bitsy]

Freak’n communists. Half the country better wake up.

[Leep]

follow by a purposal to “hug a mental midget day”

[Leep]

followed

[Sub-Driver]

Yes they do via taxes. On average an oil company makes a dime on a gallon.