DISQUS

tbhull · 1 year ago

This will not work any more than the gas tax, as one way or another the costs will be passed to the com=nsumer. The oil companies control the product and as long as the consumer demands the product the oil companies will the profit theydial in. Additional tax only allows the government to get theirs on the back of consumers as well. The solution is to get off oil and other fossil fuels.

bumpkis · 1 year ago

Or nationalize their ass.

tbhull · 1 year ago

Perhaps, but then the government gets even further depndent on oil revenues. With deficits a plenty nationalized oild may result in law requiring each citizen to purchase gas.

tbhull · 1 year ago

than the gas tax holiday

tbhull · 1 year ago

A windfall profit tax is a failed Carter tax. If the government wants to tax oil out of existence, then I would be for that as that would require a shift in consumer focus away from oil. Drilling in Alaska and our coasts fail for the same reaason, aside from littering the environmment, in that it prolongs our use of the devil's juice.

tbhull · 1 year ago

What about states invoking imminent domain powers to set up rail lines above and/or interstate highways now in conjunction with WPA like efforts in building the rail lines for trains not relying on fossil fuels directly?

PaulG · 1 year ago

Forget windfall profit taxes, just make the oil companies pay regular taxes. That would be a start!

fostert · 1 year ago

No, this isn't good. The way to approach this is to end the subsidies. If a company makes a good profit, that's not a bad thing. The bad thing is when we believe the the most profitable companies in the world need government help. Exxon-Mobil received more than a billion dollars in direct government subsidies last year. Those subsidies were intended for research. I'm holding last year's Exxon-Mobil annual report, and they claim $814 Million in research costs. Where did the rest of the subsidies go? Even as a shareholder, I think that's outrageous. There's at least $200 million in direct subsidies that were not spent on the intended purpose. That SHOULD spark a criminal investigation. And the fact that Exxon-Mobil is willing to publicly admit they they spent on a lot less on research than the money they received for that purpose just shows how much Americans don't care about corporate welfare. At least I got that money back in dividends, but I had to pay that money in taxes just to get them. So I only broke even as an Exxon-Mobil shareholder. The rest of you got screwed. Stop the subsidies first, and then we can talk about windfall profits.

michaelt · 1 year ago

none of this matters if they stop trading oil with the american dollar and go with the euro.

then, we are screwed time.

doug · 1 year ago

Nationalize the oil companies while funding sustainable options for transportation and energy.

ruthlessgravity · 1 year ago

He says this now but none of his economic advisors are going to let him implement this...its as stupid as the gas tax cut and doesn't come close to fixing anything.

tlsintx · 1 year ago

if the oil companies say they're spending these profits on more oil exploration, then who cares if that gets taken away from them...let's put the money into alternatives.

http://money.cnn.com/2008/05/06/news/economy/oi...

Andrew · 1 year ago

Obamas heart may be in the right place, but it's the wrong way of attacking this problem. Rather than our government providing cash subsidies to oil companies, that billion dollars could have been put to better use in government funded research into alternative clean energy sources. Taxing the oil companies won't bring the price of oil down as this is a supply and demand issue. Giving money to the consumer does squat to either change the system , or bring prices down. Giving money to consumers doesn't help either as most are using the current tax rebate to pay down debt. That in and of itself is an inflationary process and tunrs into nothing other than a ponzi scheme.
Hard decisions are going to have to be made. If the US government truely wanted to help Americans, they would immediately begin providing grants to emerging technologies that could begin to make a differnece within the next three to five years. But at this point, Obamas concept will do nothing to change the current status quo. About the only thing it will do is provide a wink, wink, nudge, nudge to potential voters who will think that for once a politician is doing something for the better good other than gaining votes.
As I;ve said before, this country desparately needs an energy Manhattan project. It will take some time, but we have to get off fossil fuels one way or the other.

If the government really wanted to make a start in bringing down the price of oil, both states and the Federal government should do away with the tax at the pump and rather than throwing much needed funds into a war that no one other than the necons wanted, an energy trust should be created and grants provided to the great technical minds we still have in America. These funds going into research will find better alternatives, but unti car manufacturers meaninfully increase cafe standards with cars that can get over 60 miles per gallon we're going to be paying through the nose for energy.

FunMe · 1 year ago

Remember the don't buy gas on a Tuesday? Well, a better strategy is not to buy from Exxon-Mobile. I know snopes says it won't help reduce prices, but who cares!

Letting companies know that we will not them profit from unfair pricing is message that needs to go to the majors.

ruthlessgravity · 1 year ago

what's unfair about the pricing?

tlsintx · 1 year ago

i never buy exxon.

MalibuBarbie · 1 year ago

Not good. This is just pandering from Obama. It will raise the price of gasoline and discourage domestic oil production. It will also reduce federal tax income. If that's the intended goal, fine, but be upfront about it. Don't bill this as a populist measure.

The Boston Globe has it right:
http://www.boston.com/bostonglobe/editorial_opi...

foolme1ns · 1 year ago

OT Kucinich introduces 35 articles of impeachment against George Bush. Nancy do nothing Pelosi will kill it, but at least someone thinks the rule of law should count for something.

Busboy · 1 year ago

Is it any wonder that International oil companies are curtailing their investments in the USA? Better to establish home base in a "tax haven" than to be exploited by socialists who can't stand their 8 or 10 cent a gallon profit at the pumps.

Busboy · 1 year ago

We own the solution. The politicians own the problem. They say it will take 10 to $15 per gallon for realism to rear it's ugly head. We have a plethora of very good options. All being held back by cumbersome, punitive and restrictive overregulation. Obama and McCain need to quit listening to the MSM and offer realistic help to the people in industry who can make it happen.

AdmNaismith · 1 year ago

Good for Obama, 'cause nobody ever thought of that before. <eyeroll>

Nationalizing the oil companies would make a lot more sense.

Busboy · 1 year ago

You can't nationalize an "international" oil company. You can only nationalize their USA operations. Then they leave town. I'd love to see a politician in the field trying to start an old "one lunger" engine on a cold morning to pump oil. AdmNaismith, you are divorced from reality.

jr · 1 year ago

make the Lee Raymondites pay. Enforce anti trust law

DaTruth · 1 year ago

DUMB WAR = HIGHER PRICES... SO SIMPLE

Eclectablog · 1 year ago

I'm with Andrew and fostert on this one. 100%. End the subsidies, make them pay their own research costs. It won't bring down the cost of fuel but, in the end, I am okay with that. It will take high fuel prices to get America off its collective lazy ass and start getting serious about alternative energy and conservation.