April 30, 2008

Congressman Paul Kanjorski has a good idea on how to lower gas prices.

A bill he recently introduced to Congress would institute a windfall profits tax on the big oil companies. After they make a certain amount of profit, any additional revenue would be heavily taxed. This, says Kanjorski, would eliminate the incentive for oil companies to keep raising their prices.

There's no doubt that big oil companies are making huge profits. Last year, Exxon Mobil and Royal Dutch Shell had a combined profit of $65 billion.

That's billion.

This year, with oil reaching $120 a barrel and gas at $3.60 a gallon, these companies and others stand to make even more profit.

Kanjorski says his windfall profits tax bill will probably be blocked by the Senate and wouldn't be signed by the president.

But with people struggling to put fuel in their vehicles and the prices of other items going up because of increased transportation costs, the Senate and the president should be goaded into action.

Congressman Kanjorski's windfall profits tax is the kind of action that's needed. We urge him to fight for its passage in Congress.