This is classic. The Democrats, the same crew that prohibited oil exploration in the Arctic, now are proposing to levy a penalty in the form of a profit tax against large oil companies effectively penalizing one specific industry from making too much money. For being successful. Cut back on oil profits and the oil companies will just cut back on R&D and exploration expenses. The result, less domestic production and an even greater dependence on foreign sources. Pelosi, Reid and their ilk are absolutely nuts. Fortunately this bill has next to no chance of making it past a presidential veto.

The Associated Press: Senate Democrats seek to tax oil companies

It's not for "being successful" but for precieved price gouging. In 2007, Shell made 11% (net profit), in 2003, they were only making 5%. They've doubled their profits margin, meaning that they are raising their costs more than their expenses are raising.

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Set your destination with your heart, get there with your mind.

"The wisest men follow their own direction." - Euripides

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Percieved being the key word. Has there been proof offered? Any evidence of illegality? No to both.

It's plain and simple a penalty levied against one industry for being successful.

Holding a near monoply and raising your prices at a faster rate than your costs are raising is price gouging, it is in their financial records, so there is proof of it.

BP in 2007 made a 29.4% gross profit, while in 2005 (only two years before) made 23.0% gross profit.

Chevron in 2007 made a 39.1% gross profit, and in 2005 it was only 22.4% gross profit.

That is price gouging.

__________________
Set your destination with your heart, get there with your mind.

"The wisest men follow their own direction." - Euripides

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Gas price hikes driven by California refinery shutdowns

The Raw Story | Gas price hikes driven by California refinery shutdowns

It is the old Enron tactic of shutting down facilities for alleged repairs inorder to drive the prices upward. The free market capitalism argument to promote the oil industry's cause does not cover price gouging tactics.

And what this information doesn't mention is that there was a proposal to eliminate all subsidies to oil corportations that were breaking all records for profits when the last Energy Bill was passed. The Senate Republicans lined up to block this. Then if you check the campaign contributions that got these guys elected, guess who is bribing them for their votes.

Senate Republicans have proven themselves to be corporate prostitutes. They all need to be voted out of office so the status quo of Bush Republicans selling out the federal government wholesale to billionaire corporations stops.

The subsidies need to be eliminated. The arguments here for the oil companies based on free market capitalism does not cover subsidies and tax breaks. They are also drilling on public lands and paying NO lease.

And previously I mentioned the fact that Exxon quit paying for the Valdeze oil spill and taxpayers had to foot most of the bill while their lawyers (legal prostitutes money could buy) tied up law suits for damages in court for 20 years.

__________________
The frog does not drink up the pond in which he lives.
— Native American Proverb

what, is no one going to bite on my links?

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Set your destination with your heart, get there with your mind.

"The wisest men follow their own direction." - Euripides

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What a wonderfully unbiased source.

Unfortunately for the oil corporations, they are dealing with a commodity that has a very direct relationship to inflation and the overall economic health of the country. If we were talking about cigarettes or jewelry, it would be different.

I would like to see stock market speculation in oil stopped. People buying up oil at a low price in order to sell later when the cost per barrel goes up means market volatility. In increases the price to the public

__________________
The frog does not drink up the pond in which he lives.
— Native American Proverb

The apologists for the oil companies are trying to repackage greed as "success." Go figure.

And they don't stay to fight for it.

__________________
Set your destination with your heart, get there with your mind.

"The wisest men follow their own direction." - Euripides

Don't click here, seriously