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http://news.yahoo.com/s/ap/20080611/ap_on_go_co/congress_oil_profits



OK..so no windfall tax.. (I strongly disagree) but how the hell can they still qualify for Tax breaks and corporate welfare ?

Socialized Health Care is Satan's gift..or so we are led to believe,..but 4.00 a gallon gas and quarter after quarter of record profits entitles Big oil to more tax payer money ????





HELLO ??????

I strongly disagree with the over ride.. I think Big Oil shouldn't be taxed.. I think they should be liquidated and nationalized, and then phased out..

alternative energy NOW!

so what you are descibing Robert J is a "Hostage' situation, because Americans must have Gas to get to work, to Heat their homes.. there is no option..

So we are forced to Obey Big Oil by paying for their product and if we resist , they'll cut us Off ???????

Time for a Revolution people!

It's pretty simple. If you tax big oil, they will pass along those big taxes to all of us at the gas pumps. It's the kind of thing tht sounds good to a bunch of people that don't understand. But the fact is if the Democrats do this, either we won't have any gas at the gas stations or they will simply move all the oil companies out of the U.S.

Nationalized petroleum... by the same folks who brought you a wonderful response to Katrina and perpetual Social Security solvency.

Do you think Big Oil will pay any tax? What will happen is that tax will be added with interest to every gallon of gas. Estimates put the windfall tax as high as an additional .85/gallon

Drill here, Drill now. More oil on our soil to foil OPEC. Give tax exempt status for 20 years to all new oil found in America. Let them go for it now. Repeal all restrictions, repeal all cafe standards. Let other corporations invent new technologies and reap the "windfall" from their risk taking.

It is not the oil companies responsibility to look for alternative energies, unless they choose to do so. Let Al Gore invest his money for this.

Good point. Supposedly taxing big oil would be a bad idea because it would drive the prices up, but I personally don't think that taxing the excess billions in profit would really hurt the big oil execs. And if they do raise prices even more because they didn't make their $13 billion in profit per quarter...well maybe it's time for the government to reign them in a little. :P

If we natinalize the oil industry, it will go out of business. The federal government lacks the competence to run it anywhere but into the ground. How about a windfall profits tax on the cosmetics industry (1000% profit)?

The oil companies only care about one tthing...profit!!! You can struggle from the cradle to the grave...worry yourself to death...tthey don't care...they have all the money in the world...gas can be $10 a gallon...the rich can afford it. Poor people and middle class people are hear to do the bidding of the rich. Their attitude is, "if you can't make it...to bad...it's your fault."

Let's say you run a hot dog stand. You have two people working for you, lights to keep on, rent to pay, and at home your own family to feed. Let's say the price of meat goes up. You've been selling your hot dogs for $1. It was costing 40 cents to make your dog, now it costs 60 cents. Are you going to say, "aww shucks, I guess it sucks to be me," and take in less money, or are you going to raise the price of the hot dog to $1.20 to keep your profit margin the same? You'd do the latter, and no one would have a problem with that. Taxes are just another business expense. Just like power to run the grill, payroll, insurance, rent for the building, etc. If something goes up, and taxes falls into that category, a business is going to raise their prices.
A corporation like Exxon/mobil doesn't pay taxes. They collect them from YOU, when you buy their product or service. Therefore the only people the "windfall profit" tax would be hurting is the guy that's all ready getting killed at the gas pump.
Jacking up a companies taxes does NOTHING to alleviate the problem, it only makes it worse.

Wasn't Bush pushing for building refineries on closed military bases? Isn't a lack of refining capability a big part of the problem? Do you really think that if gov took over the oil bidness priced would drop? Not likely. I know that in China and India the governments subsidize the oil companies to keep oil flowing cheaply, but this would still come down to the people paying the higher prices, but in a different way...wouldn't it? If we accept that there's enough oil under the ground, then it's just a matter of getting it out, and getting it refined as cheaply as possible. Maybe the gov should open up restricted areas for drilling by smaller outfits, offering the contracts to those who can promise oil at ? $75 per barrel and see if anyone bites. .....Hey, I think I had a good idea.... Am I just being naive? Maybe that way we could knock the global monopolies down a notch or two. We need some investors with enough capital to start producing with a little help, or at least no interference from uncle sam, to help shake things up a bit. Tell me why this wouldn't work.