Don’t blame the Democrats when you put gas in your vehicle. They wanted to tax the largest, most obscenely profitable of the big oil companies but they were blocked by the GOP.
Republicans block plan to tax oil companies
The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined “reasonable” when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation.
The legislation also would:
—Require traders to put up more collateral in the energy futures markets and open the way for federal regulation of traders who are based in the United States but use foreign trading platforms. The measures are designed to reduce market speculation.
—Make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency.
—Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel.
Devon Energy uses their obscene profits to lobby so they can make more obscene profits.
Devon Energy spent $330,000 lobbying in 1Q
The Oklahoma City-based company lobbied for greater access to federal lands and offshore for oil and gas drilling, according to an April 21 filing with the House clerk’s office.
Devon Energy (nyse: DVN – news – people ) also lobbied on climate change legislation and against an effort to impose a windfall profits tax on energy companies. The company spent $760,000 lobbying in 2007.
Please remember this when Devon “donates” a few thousand dollars to fix the roads that they tear up and when Chesapeake “donates” a few thousand dollars to a park where the air will be too filled with hydrocarbons for safe play.
Too bad citizens can’t afford lobbyist. All we have is our vote and we should use it wisely in November.