Wednesday, February 27, 2008

The Oil Companies Must Not Win This One

In this time of economic uncertainty, with people losing their jobs, their homes and society losing it's middle class, the only winners I can see are two sectors. War profiteers and the oil industry. We know what to do about the Halliburtons and Blackwaters, simply stop the war and legislate that the military take care of itself and not private companies that charge our government (meaning us, the taxpayers) through the roof. Of course, we need to get rid of George W. Bush to do that. Yet for the oil industry, this is something we can take of now. Can Congress seal the deal for us?

From RawStory:

Democrats in Congress are relying on record oil prices and a surge in gasoline costs to make another attempt at imposing $18 billion in new taxes on the largest oil companies.

With crude oil prices exceeding $100 a barrel and gasoline prices moving well over $3 a gallon — and indications that $4 is not out of the picture as the summer driving season approaches — the House scheduled a vote on the tax measure for late Wednesday afternoon.

The House bill, similar to one that failed to win Senate approval last fall, would roll back two lucrative tax breaks for the largest U.S. oil companies, and use the money for tax incentives to support wind, solar and biofuel industries as well as energy efficiency programs.

House Speaker Nancy Pelosi sought to use the soaring prices at the pump as a way to garner support for the bill. Her office distributed a state-by-state list of high gasoline prices — up by more than 75 cents a gallon from a year ago — compared with oil industry profits, including a record $40.6 billion in earnings by ExxonMobil Corp. last year.

Now I am no math whiz, but if you add $18 billion worth of taxes, and Exxon made over $40 billion, that would mean they'd still make over $20 billion in profit, IF they were the only oil company! President Bush said this would make us less safe when it comes to energy security, but we all know he is talking out of his ass on this one. The oil companies are also crying about this, claiming it to be unfair. They sound like heroin junkies forecasting the end of the world if they don't get their next fix while Bush is their pusher, not wanting to allow the victims (our society) to get better.

I know the House passed a similar bill last year and they deserve props for that, but the pressure is on the Senate. We must make sure that not only does our caucus march in lockstep on this issue, but that we pull a few so-called moderates from the GOP side as well. The American people have no love lost for these oil behemoths and neither should the men and women that represent them.