Congress is grilling oil execs telling them to come clean about their “excess” profits. How about Congress coming clean? I don’t think there’s detergent strong enough! Dick Durban (D Ill) asked the execs, “Where is the corporate conscience?” Where’s Congress’ conscience is a better question!
At the hearings, Maxine Waters (D CA) got on her high horse about oil companies’ earnings, but she never—nor do other politicians—reveals who is really getting the money boon. She also, by the way, threatened to try to socialize the oil industry. Interesting. Congress should allow oil exploration if it really wants to work on supply and demand. Brazil just found huge reserves off their coast. They're ecstatic!
Sen. Patrick Leahy wanted to be a funny guy with his sarcastic tone as he asked the oil execs their salaries—a question they couldn’t ask him in return.
If you paid around $3.81 a gallon recently, here’s the cost breakdown according to CNN this morning-5/23/08:
$2.79 = crude oil
.38 = refining
.22 = marketing (there’s your oil company, your transporters, your gas stations)
.42 = taxes
Next to the Saudis, Venezuelans, or other crude oil suppliers, notice that it’s OUR GOVERNMENT REAPING THE PROFITS!!!!! Politicians are not interested in helping citizens deal with ever-increasing fuel costs. They love America’s love affair with gas-guzzling SUVs and trucks that don’t have to meet fuel requirements. A gas pump is a cash cow for politicians! Why should we spend our money as we see fit; politicians get our money in taxes to spend as they see fit! Hillary Clinton loves the idea of an “Excess Profits Tax.” Obama says that he doesn't think the oil companies will part with their profits easily. Hmmmmmm
Think about it. What’s an excess profit? The oil companies’ profit percentages are actually lower than other big companies, and while oil execs are richly paid, think about what movie stars earn. Who is to determine where the “too much” line is?
Let’s say these liberal politicians get their excess profits tax. Think about how much of that $.22 a gallon will be considered “excess profit.” You don’t really think the price of gas will go down, do you? But state and federal tax income will go up! Hmmmmmmmm
Who would an “excess” profit tax hurt? Not the oil execs. They have their contracts, and they won’t have to worry. But if you are an investor, have investment savings in a company’s pension plan, have a 401K, a 403B, a Keogh plan, some shares in mutual funds, or any other kind of investment plan, you are the one who is going to be hurt because the government is going to hit you, yet again, where you can’t defend yourself—in your pocket book. Your investment will lose its profitability if the government sets limits on the profits a business may earn. Just about every fund or investment manager has a piece of an oil company. Now you're sharing the profits and loving watching your investments grow; leave it to Congress and they will grab their share of the profits and your investments will falter.
You'll react to the Excess Profits Tax. Chances are you’ll blame the downturn in your investments on the economy, but the truth is the blame is on Congress. Listen to who the big talkers are—like Maxine Waters with her stated socialist agenda—and you’ll find out who is more than anxious to rake you over the coals because they think you’re too dumb to discern the truth.
politics "political+blogs" "Maxine+Waters" Congress Clinton Obama oil gas gasoline "gas+prices" hearings "congressional+hearings" "Dick+Durban" "Patrick+Leahy" socialism socialist Brazil CNN "Excess+Profits+Tax" liberals taxes investments
At the hearings, Maxine Waters (D CA) got on her high horse about oil companies’ earnings, but she never—nor do other politicians—reveals who is really getting the money boon. She also, by the way, threatened to try to socialize the oil industry. Interesting. Congress should allow oil exploration if it really wants to work on supply and demand. Brazil just found huge reserves off their coast. They're ecstatic!
Sen. Patrick Leahy wanted to be a funny guy with his sarcastic tone as he asked the oil execs their salaries—a question they couldn’t ask him in return.
If you paid around $3.81 a gallon recently, here’s the cost breakdown according to CNN this morning-5/23/08:
$2.79 = crude oil
.38 = refining
.22 = marketing (there’s your oil company, your transporters, your gas stations)
.42 = taxes
Next to the Saudis, Venezuelans, or other crude oil suppliers, notice that it’s OUR GOVERNMENT REAPING THE PROFITS!!!!! Politicians are not interested in helping citizens deal with ever-increasing fuel costs. They love America’s love affair with gas-guzzling SUVs and trucks that don’t have to meet fuel requirements. A gas pump is a cash cow for politicians! Why should we spend our money as we see fit; politicians get our money in taxes to spend as they see fit! Hillary Clinton loves the idea of an “Excess Profits Tax.” Obama says that he doesn't think the oil companies will part with their profits easily. Hmmmmmm
Think about it. What’s an excess profit? The oil companies’ profit percentages are actually lower than other big companies, and while oil execs are richly paid, think about what movie stars earn. Who is to determine where the “too much” line is?
Let’s say these liberal politicians get their excess profits tax. Think about how much of that $.22 a gallon will be considered “excess profit.” You don’t really think the price of gas will go down, do you? But state and federal tax income will go up! Hmmmmmmmm
Who would an “excess” profit tax hurt? Not the oil execs. They have their contracts, and they won’t have to worry. But if you are an investor, have investment savings in a company’s pension plan, have a 401K, a 403B, a Keogh plan, some shares in mutual funds, or any other kind of investment plan, you are the one who is going to be hurt because the government is going to hit you, yet again, where you can’t defend yourself—in your pocket book. Your investment will lose its profitability if the government sets limits on the profits a business may earn. Just about every fund or investment manager has a piece of an oil company. Now you're sharing the profits and loving watching your investments grow; leave it to Congress and they will grab their share of the profits and your investments will falter.
You'll react to the Excess Profits Tax. Chances are you’ll blame the downturn in your investments on the economy, but the truth is the blame is on Congress. Listen to who the big talkers are—like Maxine Waters with her stated socialist agenda—and you’ll find out who is more than anxious to rake you over the coals because they think you’re too dumb to discern the truth.
politics "political+blogs" "Maxine+Waters" Congress Clinton Obama oil gas gasoline "gas+prices" hearings "congressional+hearings" "Dick+Durban" "Patrick+Leahy" socialism socialist Brazil CNN "Excess+Profits+Tax" liberals taxes investments
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