Citizens Voice - Editorial: Tax big oil’s windfall profits |
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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.
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