NY Assembly Dems Want Windfall Profit Tax On Big Oil

Our federal government has done a terrible job at reining in the oil companies and their ridiculous profits. Now our very own state government is going to take a whack at it in order to help New Yorkers besides those executives who reap millions personally and billions for their companies. Oil profits are out of control and the people that suffer are those that pay at the pump, for heating oil and all things oil, from the price of shipping produce to airline tickets. Something must be done about it, maybe it can happen here first.

From Newsday:

The windfall profits tax on big oil companies that sell their products in New York would be 2 percent of gross receipts. A new surcharge on gasoline importers would be 4 percent of the price per gallon above $2. Neither could be passed through to consumers, and the first $550 million from the windfall tax would double the existing Home Energy Assistance Program, according to Silver and Cahill.

Their package of legislation would also ensure gas pumps accurately dispense the fuel consumers pay for, establish a Web site to disclose retail gas prices across the state, and allow retailers and distributors to buy and sell unbranded motor fuel.

Republican Senate Majority Leader Joseph Bruno said earlier Tuesday that an energy bill is among the priorities that should be publicly addressed, including Senate differences with the Assembly, as the legislative session winds down. Lawmakers were scheduled to finish the session on Monday.

Having Joe Bruno as part of any positive package makes me skeptical from the get-go. Albany Dems are great at stalling bad Republican programs, but change is not their forté. A windfall profits tax is a great idea and will help many New Yorkers with their heating bills, but I'll believe it when I see it. Although accurate gas pumps are great, it might be the best our state government can do at this moment.