http://news.yahoo.com/s/ap/20080610/ap_on_go_co/congress_oil_profits

I suppose its not a surprise that a majority of senate republicans are owned by the oil industry and dont care about the doing what is right.

I'm not owned by the oil companies, Sev, and I don't think this was a good bill, or even a good idea.

Not you Heck the Senators who accept the oil companies lobbyist money to run and vote their way.

You dont think these measures are a good thing?

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 It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other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.

Your kidding right?

Oil speculation and OPEC illegally monopolizing pricing on a national security related commodity on oil is not something that is a good idea?

Bad idea, sev. I've read where it could give them the legal wiggle room to go back and collect subsidies from the days when oil was $30/barrel. A "feel good" bill with no real net effect.

The bill was not a feel good ineffective bill or the Oil lobbyist would have let it pass. The proof is in the republican senators who voted against it not on any problems or loopholes but in sanctioning and possibly criminally prosecuting the ILLEGAL monopoly practices and the ILLEGAL price speculating that is happening outside our borders.

quote:

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.

***************************************************
So, take a lot of tax from the oil companies, and give it to the alternative energy companies? Maybe Al Gore's carbon credit company?

Truth is, that kind of solution to the problem is a grievious mistake.
The gas companies will pass on higher taxes to us, the consumer.
It doesn't solve the problem one bit. It just sounds good to a lot of folks who don't understand it.
The Republicans want to SOLVE the problem, not vote for a bill that does not solve the problem at all.

quote:

So, take a lot of tax from the oil companies, and give it to the alternative energy companies?

Uh... yeah? And of course we'll pay more for gas, and we'll buy less because we'll have more fuel efficient cars, hydrogen cars, hybrid cars, and plug-in electric cars (very soon).

Because we MUST do that. It's inevitable.

So what part don't you understand?

Cal, the Republicans aren't looking to "solve" anything regarding oil. Come on, man. Seriously. Saying shit like that makes you look pathetic.

They are EMPLOYED by Big Oil. Beholden to it. Sucking at its big, throbbing tit. Everything they do is for the benefit of those people and those companies.

Not you. They don't give a flying shit about you... except the vote you so generously surrendered to them.

No, Sev, I don't think these measures are a good idea. This is mostly electioneering. Even if you support some of the provisions you listed, what does that have to do with seizing oil company profits?

You want to make oil/energy companies use part of their profits to start investing in cleaner technologies, you simply make it costlier to burn fossil fuels with a carbon tax or a cap and trade system.

It's not the government's job to seize the profits of private industry when they've somehow determined that they're too high.

If you want to change the law to make gas price gouging a federal crime, that's something else. And also just election year fist shaking.

quote:

Originally posted by heckofajobBrownie:
And also just election year fist shaking.

Ding Ding Ding...

and that my friends, is the right answer.

What is a shame, is that people think that politicians on the left care about them more than they think politicians on the right do.

What a joke.

quote:

What is a shame, is that people think that politicians on the left care about them more than they think politicians on the right do.

Pretty sweeping, I admit. But talking odds, I'll take the Liberals who aren't on the dole from big business. The bleeding hearts who get into politics to "make a difference" are usually liberal.

The GOP will revise, recreate, and rise again. I have no doubt of it. McCain is actually a good guy to rally behind, but I don't think he has a chance of winning. The party needs to disconnect from religious zealots, old school moralizing, bajillion dollar hawkism, the snarky machinations of Big Oil, Medicine, and Auto, and anyone who sounds like Rush Limbaugh, a not-so-veiled racist, homophobic, and sexist who will drive off anyone who isn't over 50, male, white... and just like him.

Young people are staying away in droves and the party needs to refocus itself on its more palatable message of smaller government, lower taxes, and personal freedom. Pare it down and leave out all the stupid shit.

Right now, the party is becoming RAPIDLY marginalized for people like Cal. Again, I don't expect it to continue.

Wrong angle, Steve. Nobody wants to "punish" anybody. They just want to stop bending over and taking it from Big Oil, looking the other way when they pollute, assigning them to environmental positions, covering their crimes, giving them enormous government contracts, and doing everything legislatively possible to maximize their profits.

It does not trickle down. It sticks at the top, where upper level executive pay grows exponentially while workers' pay is relatively stagnant.

I'm sure your overlords will get you a nice new bowl for being such an obedient lapdog.

quote:

It does not trickle down. It sticks at the top, where upper level executive pay grows exponentially while workers' pay is relatively stagnant.

What's wrong with that?

What's wrong with the rich getting richer and the poor getting poorer? Nothing, if you only care about the rich, I guess, and are unconcerned with the quality of life (education, healthcare, food, hope, etc.) of the lower middle class and the poor.

Sounds like a permanent underclass again and eventual revolution. Which is one way to go. We might expedite things by only letting the rich vote?

Toop, that sounded like "let them eat cake."

quote:

What's wrong with the rich getting richer and the poor getting poorer?

You said stagnant, where does poorer come into play?

Relative to inflation, they aren't keeping up while the rich are at hyperspeed.

I guess that depends on how you define inflation.

Or "is."

I wasnt kidding. There are several ways to measure inflation. At least one study says that taking a specific measure of inflation into account shows that the inequality between the top and bottom 10% doesnt exist.