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Boyda Sponsors Bill to Repeal Gas Tax During Price Spikes
05/24/07AS KANSAS GAS PRICES REACH ALL-TIME HIGH OF $3.37 PER GALLON, BOYDA TAKES ACTION
WASHINGTON, D.C. – A new bill would rein in the skyrocketing cost of gasoline by suspending the federal tax on gasoline during price spikes, Congresswoman Nancy Boyda (Kansas Second District) announced. Boyda is an original cosponsor of the legislation, the Gas Price Relief Act, which was introduced into Congress today.
Boyda said, “As hundreds of thousands of Kansans take to the roads this Memorial Day weekend, the exorbitant cost of gasoline is a more pressing concern than ever. Congress should act quickly to relieve the sting of runaway gas prices.”
The Gas Price Relief Act would repeal the federal gasoline tax, now $0.18 per gallon, whenever the average price of gasoline nationwide rises above $3.00 per gallon. The federal tax would remain suspended until the average price of gas falls below $3.00 for six consecutive months. To replace this lost revenue, the federal government would suspend certain tax incentives provided to big oil companies.
According to the American Automobile Association (AAA), the average price of regular unleaded gasoline in Kansas reached an all-time high this week of $3.37 – significantly higher than the national average of $3.22, and about $0.67 higher than the price at this time last year. Yet even as gas prices have spiked, the six largest oil companies announced $30 billion in profits for the first quarter of 2007, on top of their record $125 billion in profits in 2006.
Boyda said, “The major oil companies have a responsibility to keep their prices as low as possible. This bill puts Big Oil on notice: If they fail to rein in prices, then Congress will immediately revoke their tax incentives. The idea is simple, it’s common-sense, and it’s effective.”
Boyda has already voted twice this week to reduce gasoline prices. On Tuesday, she voted in favor of H.R. 2264, the No Oil Producing and Exporting Cartels Act, which authorizes the Justice Department to take legal action against OPEC state-controlled entities that participate in conspiracies to limit the supply, or fix the price, of oil. On Wednesday, she supported H.R. 1252, the Energy Price Gouging Prevention Act, which investigates and punishes individuals and companies who artificially inflate the price of gasoline.
WASHINGTON, D.C. – A new bill would rein in the skyrocketing cost of gasoline by suspending the federal tax on gasoline during price spikes, Congresswoman Nancy Boyda (Kansas Second District) announced. Boyda is an original cosponsor of the legislation, the Gas Price Relief Act, which was introduced into Congress today.
Boyda said, “As hundreds of thousands of Kansans take to the roads this Memorial Day weekend, the exorbitant cost of gasoline is a more pressing concern than ever. Congress should act quickly to relieve the sting of runaway gas prices.”
The Gas Price Relief Act would repeal the federal gasoline tax, now $0.18 per gallon, whenever the average price of gasoline nationwide rises above $3.00 per gallon. The federal tax would remain suspended until the average price of gas falls below $3.00 for six consecutive months. To replace this lost revenue, the federal government would suspend certain tax incentives provided to big oil companies.
According to the American Automobile Association (AAA), the average price of regular unleaded gasoline in Kansas reached an all-time high this week of $3.37 – significantly higher than the national average of $3.22, and about $0.67 higher than the price at this time last year. Yet even as gas prices have spiked, the six largest oil companies announced $30 billion in profits for the first quarter of 2007, on top of their record $125 billion in profits in 2006.
Boyda said, “The major oil companies have a responsibility to keep their prices as low as possible. This bill puts Big Oil on notice: If they fail to rein in prices, then Congress will immediately revoke their tax incentives. The idea is simple, it’s common-sense, and it’s effective.”
Boyda has already voted twice this week to reduce gasoline prices. On Tuesday, she voted in favor of H.R. 2264, the No Oil Producing and Exporting Cartels Act, which authorizes the Justice Department to take legal action against OPEC state-controlled entities that participate in conspiracies to limit the supply, or fix the price, of oil. On Wednesday, she supported H.R. 1252, the Energy Price Gouging Prevention Act, which investigates and punishes individuals and companies who artificially inflate the price of gasoline.