Senators Dodd and Dorgan at today's press conference announcing the Winfall Profits Rebate Act.

April 25, 2006
Washington, DC— Senators Dodd and Dorgan today renewed their effort to pass a Windfall Profits Rebate Act and said they plan to introduce the measure as an amendment to the Emergency Supplemental bill that will come before Congress soon.

“There is a big difference between profits and profiteering. And in my opinion, big oil companies are engaging in profiteering on the backs of the American consumer,” said Senator Dodd. “Families across Connecticut and the nation are feeling the pinch at the pump and it’s time for Congress to act. I’ve been working since last year to enact the Windfall Profits Rebate Act to help stop price gouging and provide some relief to consumers.”

The two Senators offered a windfall profits rebate amendment during Senate consideration of the Budget Reconciliation bill last November but the Republican majority rejected it.

The legislation would provide a rebate to American consumers to help them recoup higher energy costs. Under the plan, consumers would be rebated 50% of the oil companies’ windfall profits (derived from sales of oil at more than $40 per barrel) unless those profits were re-invested in additional exploration and refining capacity or alternative sources of energy, and other projects that would expand energy supplies and help bring prices down.