Bush Rejects Tax on Oil Companies' Profits

[Jitsu]

http://news.yahoo.com/s/ap/20060428/...ltBHNlYwM3MTY-

President Bush on Friday rejected calls by some lawmakers for a tax on oil company windfall profits, saying the industry should reinvest its recent gains into finding and producing more energy.

With gasoline at over $3 a gallon in some areas, Bush said there was "no evidence" of price-gouging of consumers.

Soaring gas prices have become a top political issue in Congress in this midterm congressional election year. Bush spoke a day after Exxon-Mobil, the nation's biggest oil company, said its earnings climbed by 7 percent to $8.4 billion during the January-March period.

Bush said energy companies should use their increased cash flows to build more natural gas pipelines, expand refineries, explore "in environmentally friendly ways," and invest in renewable sources of energy.

"That's what the American people expect. They also expect to be treated fairly at the pump," he said. "These oil prices are a wake-up call. We're dependent on oil. We need to get off oil."

Bush, a former Texas oilman, said Congress needs to provide regulatory relief so refineries can be expanded and new ones built.

NOTE: Does this not read as hypocritcal? We need to get off oil yet we need to expand refineries and build new ones....hmmmmmm.

"So it's a combination of people investing the cash flows, as well as regulatory relief, to enhance the ability for people to achieve the objective, which is more gasoline on the market which will help our consumers," he said.

The president announced a series of steps earlier this week designed to slightly ease upward pressure on gasoline prices, including temporarily halting the filling of the government's emergency petroleum reserve and easing environmental standards on gasoline additives.

He also asked the Federal Trade Commission to look into whether price-gouging was going on.

"I have no evidence that there's any rip off taking place, but it's the role of the Federal Trade Commission to assure me that my inclination and instinct is right," he told reporters.

It's up to the FTC "to assure the American people that they're being treated fairly at the pump," he added.

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So George Dubya doesn't need evidence of price gouging...he'll go with his cowboy inclination and instinct instead!

Laughable. . .

[PETA]

its communist to tax a company for making too much money - and its counter productive to the market - a sure way to encourage them not to produce more if they know they'll get taxed at a higher rate - the principle of diminishing marginal utility will discourage additional production which translates to less gas and higher prices. Which is what Carter had - high gas prices and shortages at the pump.

[Satchel]

I heard last night that Exxon-Mobil posted the 4th highest profit for a quarter in US history. Yet it was less than expected and their stock fell a point LMAO

[kalamu]

I think what Bush is saying is that we need to get off FOREIGN oil... so he doesn't mind expanding operations here in the States.

and he's right, getting off foreign oil would be a good idea... by whatever means necessary. it's a worthy goal to work towards. we're going to need some alternative fuel sources too... and like i've said many times before, Bush's ideas seem bankrupt on this subject.

plus i still have yet to see him utter the word CONSERVATION. shit, even 5th graders know the word... I was reading a story in the paper the other day where a 5th grader was talking about conservation of water in his town. Now if only Bush could use the word I'd get off his back some.

[PETA]

Well Joel - interestingly enough - the most effective event in encouraging Americans to conserve is...... high prices at the pump

[kalamu]

Very true... I personally don't care that gas prices are high but it certainly is helping getting discussions going on alternative fuels. Of course, if gas prices go down again everyone will forget about anything that was talked about I suspect.

I just want to hear Bush say "conservation" because I doubt he can pronounce the word and it'll be a good source of LOL's for a couple days.

ps. Spurs play tonight... 3-0 BAYBEE!

[Nyteshade]

The thing everyone keeps forgetting is that even though they have record dollar amount profits, their actual profit margin is about 10%. That's just average for a company and is a reflection on the amount of expenses and taxes they already have to pay. The only step the government should take is auditing that company and ensure that there isn't a bunch of bullshit being written off that doesn't need to be.

[zerojunkie]

Originally Posted by kalamu

I think what Bush is saying is that we need to get off FOREIGN oil... so he doesn't mind expanding operations here in the States.

and he's right, getting off foreign oil would be a good idea... by whatever means necessary. it's a worthy goal to work towards. we're going to need some alternative fuel sources too... and like i've said many times before, Bush's ideas seem bankrupt on this subject.

plus i still have yet to see him utter the word CONSERVATION. shit, even 5th graders know the word... I was reading a story in the paper the other day where a 5th grader was talking about conservation of water in his town. Now if only Bush could use the word I'd get off his back some.

So then what are your ideas? How would you generate domestic, preferably renewable, clean energy?

[kalamu]

Originally Posted by zerojunkie

So then what are your ideas? How would you generate domestic, preferably renewable, clean energy?

heh i already stated what i thought in the other thread

[zerojunkie]

nevermind.

[kalamu]

not my fault your retarded ass can't read LOL

shit, i've only stated like a million times in the past three days

[shonuf]

Originally Posted by Nyteshade

The thing everyone keeps forgetting is that even though they have record dollar amount profits, their actual profit margin is about 10%. That's just average for a company and is a reflection on the amount of expenses and taxes they already have to pay. The only step the government should take is auditing that company and ensure that there isn't a bunch of bullshit being written off that doesn't need to be.

most top 500 companys pay little to no taxes every year

www.ctj.org

it's all there baby.

[Nyteshade]

Nevermind the 38.4 cents that Texas and the federal government get straight off for every gallon sold. That's before any other taxes kick in.

[PETA]

Originally Posted by kalamu

Very true... I personally don't care that gas prices are high but it certainly is helping getting discussions going on alternative fuels. Of course, if gas prices go down again everyone will forget about anything that was talked about I suspect.

I just want to hear Bush say "conservation" because I doubt he can pronounce the word and it'll be a good source of LOL's for a couple days.

ps. Spurs play tonight... 3-0 BAYBEE!

Its true that high fuel prices have the positive side effect of raising the profile of alternative fuels.


And, Ginobelli - - hmm - hold on to the damn ball man!

[kalamu]

Originally Posted by xian

Its true that high fuel prices have the positive side effect of raising the profile of alternative fuels.

yeah, that's what we've said three times now.

i was watching that roundtable show this morning and one of the guys on there made a great point... The Bush administration (and Republicans) want to increase supply... Democrats want to decrease demand... why can't they compromise? should be the easiest thing in the world to compromise between those two things.