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Published on June 10th, 2008 | by Timothy B. Hurst

Senate Republicans Block Windfall Profits Tax on Big Oil Companies

June 10th, 2008 by  
 

Senate Republicans will not budge on taxing oil companies

Democrats fall eight votes short of preventing filibuster

[social_buttons]With gasoline prices topping $4 a gallon, Senate Democrats wanted the U.S. government to throttle back on the billions of dollars in profits being taken in by the major oil companies. But with the White House threatening a veto of the bill, the Senate voted 51-43 to close debate, well shy of the 60 votes needed to avoid a filibuster.

The proposed windfall profits tax would have been somewhere between 10 and 12 billion dollars for this year, and it would have been levied against the country’s five largest oil companies. The legislation would have also rescinded $17 billion in tax breaks the companies expect to enjoy over the next decade.

“The oil companies need to know that there is a limit on how much profit they can take in this economy,” said Sen. Richard Durbin of Illinois, warning that if oil prices are not reined in, “we’re going to find ourselves in a deep recession.”

A statement issued by the White House’s Office of Management and Budget (OMB) said, “Rather than addressing the principal cause of fuel price increases — rising world petroleum demand without a similar increase in supply — (the bill would) undercut U.S. energy security and decrease U.S. energy production, thus exacerbating market tightness and increasing energy prices.”

I find it quite striking that the White House is still claiming that the principal reason for the precipitous jump in oil prices is the rise in global demand, when according to Chevron Vice President of Strategic Planning, Paul Siegele, demand is not currently on the rise. Siegele raised this very point with me less than two weeks ago at a panel discussion at Stanford. (For more on the slowing of global oil demand, this article in MarketWatch reports on the International Energy Association’s projected slowdown).

Following the bill’s defeat, Democrats said they may work on separate legislation to increase oversight of trading by the Commodity Futures Trading Commission. Many argue that one of the principal drivers of rising gas prices is actually because of futures speculation on the commodities market. Sen. Charles Schumer (D-NY) said that parts of the windfall tax bill including commission provisions could be split into separate proposals.

Looking for more political content? Red, Green, and Blue: Environmental Politics from Across the Spectrum.

Posts Related to Oil Companies and Gas Prices:

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Photo: Glass Window via flickr under a Creative Commons License





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About the Author

is the founder of ecopolitology and the executive editor at LiveOAK Media, a media network about the politics of energy and the environment, green business, cleantech, and green living. When not reading, writing, thinking or talking about environmental politics with anyone who will listen, Tim spends his time skiing in Colorado's high country, hiking with his dog, and getting dirty in his vegetable garden.



  • Andy

    Are you kidding me? Please tell me you’ve taken econ.

    The oil companies aren’t screwing us. Granted, you see “record profits” and you get pissed. But go and take a look on Yahoo! Finance and check out their profit margins. 10%. That is normal for a S&P 500 company.

    And what is raising taxes going to do? Lower prices? No. Sorry.

    I would like to know why this would be a good idea for the American consumer because that what our government is for, to help the public.

  • Andy

    Are you kidding me? Please tell me you’ve taken econ.

    The oil companies aren’t screwing us. Granted, you see “record profits” and you get pissed. But go and take a look on Yahoo! Finance and check out their profit margins. 10%. That is normal for a S&P 500 company.

    And what is raising taxes going to do? Lower prices? No. Sorry.

    I would like to know why this would be a good idea for the American consumer because that what our government is for, to help the public.

  • Andy, yes I did take econ, although I don’t claim to have liked it.

    I am not suggesting that the oil companies are necessarily price gouging, I am suggesting that steps need to be taken to reduce or stabilize our demand on oil.

    The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply. But is increasing the supply of oil, thus lowering costs and INCREASING CONSUMPTION WHAT WE REALLY WANT? Maybe our “equilibrium” price is not set right to begin with (see I DID take econ).

    As you suggest, our government is to “help the public,” but do not confuse ‘the public’ with ‘the consumer’. Whereas, the ‘consumer’ might not give a crap about the environmental costs of oil consumption, the ‘public’ might. That is exactly the problem with explaining everything purely economic deterministic terms – it obscures the larger political reality (or, what economists like to call “externalities”).

  • Andy, yes I did take econ, although I don’t claim to have liked it.

    I am not suggesting that the oil companies are necessarily price gouging, I am suggesting that steps need to be taken to reduce or stabilize our demand on oil.

    The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply. But is increasing the supply of oil, thus lowering costs and INCREASING CONSUMPTION WHAT WE REALLY WANT? Maybe our “equilibrium” price is not set right to begin with (see I DID take econ).

    As you suggest, our government is to “help the public,” but do not confuse ‘the public’ with ‘the consumer’. Whereas, the ‘consumer’ might not give a crap about the environmental costs of oil consumption, the ‘public’ might. That is exactly the problem with explaining everything purely economic deterministic terms – it obscures the larger political reality (or, what economists like to call “externalities”).

  • Run

    I think this will have a serious backlash against McCain who will be seen as the status quo Republican who will protect the big oil companies over the common consumer. This won’t bode well come November.

  • Run

    I think this will have a serious backlash against McCain who will be seen as the status quo Republican who will protect the big oil companies over the common consumer. This won’t bode well come November.

  • Andy,

    I think one of the most important points here is the rescinding of tax breaks these companies already get. Noone in their right mind would argue for subsidizing corporations making this kind of profit…

    I’ll admit that I’m a little conflicted about the govt. stepping in and increasing taxes on an entity who happens to be really good at making money, except that we’ve paid them so much to do it already in the form of direct subsidies and tax breaks.

  • Andy,

    I think one of the most important points here is the rescinding of tax breaks these companies already get. Noone in their right mind would argue for subsidizing corporations making this kind of profit…

    I’ll admit that I’m a little conflicted about the govt. stepping in and increasing taxes on an entity who happens to be really good at making money, except that we’ve paid them so much to do it already in the form of direct subsidies and tax breaks.

  • Greg

    The numbers I have heard say the oil companies make about 4% on a gallon of gasoline,while our government rakes in about 15% on a gallon.Seems to me the crooks might just be in Congress.

  • Greg

    The numbers I have heard say the oil companies make about 4% on a gallon of gasoline,while our government rakes in about 15% on a gallon.Seems to me the crooks might just be in Congress.

  • Greg

    ON both sides of the aisle!

  • Greg

    ON both sides of the aisle!

  • The tax breaks that big oil receives are criminal and highly unethical. It has always been my understanding that these sort of government assistance programs were to help struggling business people. The issue of the windfall profit tax is a debatable point. The money that is given to the oil industry in the form of these tax breaks should be put right into R&D of renewable energy. With so many of our representatives in government in the pockets of the oil companies, this should come as no surprise.

  • The tax breaks that big oil receives are criminal and highly unethical. It has always been my understanding that these sort of government assistance programs were to help struggling business people. The issue of the windfall profit tax is a debatable point. The money that is given to the oil industry in the form of these tax breaks should be put right into R&D of renewable energy. With so many of our representatives in government in the pockets of the oil companies, this should come as no surprise.

  • Andy

    Tim,

    “The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply. But is increasing the supply of oil, thus lowering costs and INCREASING CONSUMPTION WHAT WE REALLY WANT? Maybe our “equilibrium” price is not set right to begin with (see I DID take econ).”

    Haha I see you did take econ. But it seemed like you were railing on the Republicans because they blocked this bill. The bill would not solve anything, are we in agreement of that at least?

    But from what I see from people is that they (not all of course) would take lower prices over the environment in most cases here. I believe that people would want to open up ANWR and risk the environment, to potentially lower gas prices.

    Greg- exactly right.

    Amy- “The tax breaks that big oil receives are criminal and highly unethical.”

    Please do some research into this stuff. Remember when we were paying a dollar for a gallon of gas? Yeah well the oil companies weren’t making much money then but nobody cared. So the government gave them these tax breaks (great, more government, right?) when oil was $10 a barrel.

    Plus, the merger of Exxon and Mobil happened around the same time because it was harder for them to make money with a barrel of oil so low.

    Granted, I’m sure the oil companies could live without the tax breaks, but lets not lump that into the same bill as a windfall profits tax.

    Also, if this was not an election year, there is no way this bill is ever raised.

  • Andy

    Tim,

    “The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply. But is increasing the supply of oil, thus lowering costs and INCREASING CONSUMPTION WHAT WE REALLY WANT? Maybe our “equilibrium” price is not set right to begin with (see I DID take econ).”

    Haha I see you did take econ. But it seemed like you were railing on the Republicans because they blocked this bill. The bill would not solve anything, are we in agreement of that at least?

    But from what I see from people is that they (not all of course) would take lower prices over the environment in most cases here. I believe that people would want to open up ANWR and risk the environment, to potentially lower gas prices.

    Greg- exactly right.

    Amy- “The tax breaks that big oil receives are criminal and highly unethical.”

    Please do some research into this stuff. Remember when we were paying a dollar for a gallon of gas? Yeah well the oil companies weren’t making much money then but nobody cared. So the government gave them these tax breaks (great, more government, right?) when oil was $10 a barrel.

    Plus, the merger of Exxon and Mobil happened around the same time because it was harder for them to make money with a barrel of oil so low.

    Granted, I’m sure the oil companies could live without the tax breaks, but lets not lump that into the same bill as a windfall profits tax.

    Also, if this was not an election year, there is no way this bill is ever raised.

  • Andy

    I guess I just want to get across the point that oil companies aren’t “evil” as they are portrayed in the media.

    We live in a capitalist society and they are providing a product and service that America uses and needs everyday to function.

    If you’re typing on a Mac right now, or listening to your iPod, or using windows, you better start writing your congressmen to tell them to tax Apple and Microsoft the same windfall taxes because they’re making a lot more off of you in profit margin than Exxon is.

  • Andy

    I guess I just want to get across the point that oil companies aren’t “evil” as they are portrayed in the media.

    We live in a capitalist society and they are providing a product and service that America uses and needs everyday to function.

    If you’re typing on a Mac right now, or listening to your iPod, or using windows, you better start writing your congressmen to tell them to tax Apple and Microsoft the same windfall taxes because they’re making a lot more off of you in profit margin than Exxon is.

  • Bill

    “The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply. But is increasing the supply of oil, thus lowering costs and INCREASING CONSUMPTION WHAT WE REALLY WANT? Maybe our “equilibrium” price is not set right to begin with (see I DID take econ).”

    Um, no one is proposing increasing consumption. Rather, many are for maintaining, even decreasing, consumption, at reasonable fuel prices. Succintly stated at http://littlemissattila.mu.nu/archives/266253.php :

    (Congress wants to) “force conservation, force biofuels, force diesel. And we should do it on the backs of the poor and the middle class.

    After all, if someone can’t afford a Prius: well, fuck ’em. And, by the way: those who are suffering from the dictatorships and authoritarian governments propped up by American fuel dollars? Fuck them, too.”

  • Bill

    “The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply. But is increasing the supply of oil, thus lowering costs and INCREASING CONSUMPTION WHAT WE REALLY WANT? Maybe our “equilibrium” price is not set right to begin with (see I DID take econ).”

    Um, no one is proposing increasing consumption. Rather, many are for maintaining, even decreasing, consumption, at reasonable fuel prices. Succintly stated at http://littlemissattila.mu.nu/archives/266253.php :

    (Congress wants to) “force conservation, force biofuels, force diesel. And we should do it on the backs of the poor and the middle class.

    After all, if someone can’t afford a Prius: well, fuck ’em. And, by the way: those who are suffering from the dictatorships and authoritarian governments propped up by American fuel dollars? Fuck them, too.”

  • @Andy:

    Thanks for the elaboration. I generally agree with you that this was not the best piece of legislation – it was more of a political statement, really. And I didn’t intend to imply that the oil companies are necessarily ‘the bad guys,’ as they are often portrayed by some. The problem is much deeper than that.

    ‘Big Oil’ is owned by Tom, Dick, and Sally, via their 401ks, mutual funds, and retirement plans. If I were to say there is one single problem (which there isn’t), I would say it is one of corporate governance.

    I should also add, that it concerns me we do not give the same attention to the development of renewable energy as we do to fossil energy. I am not arguing we can instantly replace anything with solar, wind, or geothermal, just that we have to cut the umbilical cord on the well-established energy industries.

  • @Andy:

    Thanks for the elaboration. I generally agree with you that this was not the best piece of legislation – it was more of a political statement, really. And I didn’t intend to imply that the oil companies are necessarily ‘the bad guys,’ as they are often portrayed by some. The problem is much deeper than that.

    ‘Big Oil’ is owned by Tom, Dick, and Sally, via their 401ks, mutual funds, and retirement plans. If I were to say there is one single problem (which there isn’t), I would say it is one of corporate governance.

    I should also add, that it concerns me we do not give the same attention to the development of renewable energy as we do to fossil energy. I am not arguing we can instantly replace anything with solar, wind, or geothermal, just that we have to cut the umbilical cord on the well-established energy industries.

  • Andy,

    It seems to me that you must have some vested interest in the oil industry. Do you work for Exxon or something? There is a big difference between Microsoft Corp. and the Big Oil industries. The oil companies provide a product that Americans cannot live without in daily life. Whether you make $10 a month or $10000, to live and survive, you must utilitze products which require oil to produce. You need oil to run your lights, you need oil to get to and from work (gas), it takes oil (gas) to run the trucks that deliver our groceries to the supermarket. If the oil companies decide to raise prices, we are at their mercy. The government needs to have more control over these companies that rule every aspect of the American way of life. If the government doesn’t step in to regulate this in a better way, the American lifestyle as we know it is doomed. We might at well move to a third world country and get used to hunting for our food, because we will be there soon. Do you know how to grow a tomato? You’d better learn…unless you work for Exxon, of course.

  • Andy

    Tim,

    The great thing about America is that if there is money to be made in renewable energy then markets will emerge and more and more people will be investing in renewable energy if a profit can be made.

    Also another thing is that if there was a viable alternative to oil that could be used in huge volumes, for a decent price and a price that the energy companies could make a profit on, they would 100% bring it on to the markets.

    Just think how huge of a project it would be to move away from oil and how much it would cost. There’s just so many barriers to overcome at such a huge cost.

  • Andy

    Tim,

    The great thing about America is that if there is money to be made in renewable energy then markets will emerge and more and more people will be investing in renewable energy if a profit can be made.

    Also another thing is that if there was a viable alternative to oil that could be used in huge volumes, for a decent price and a price that the energy companies could make a profit on, they would 100% bring it on to the markets.

    Just think how huge of a project it would be to move away from oil and how much it would cost. There’s just so many barriers to overcome at such a huge cost.

  • Brian

    Tax and Spend… Mr. Obama is a true liberal democrat and, if he’s elected, with his buddies in charge of Congress hold onto your wallet. McCain has it right, Obama may be running for Jimmy Carter’s 2nd term. Having lived through that debacle, no thanks.

    Corporations don’t pay taxes… their stockholders and consumers make the payments. A windfall profit tax is stupid.

  • Brian

    Tax and Spend… Mr. Obama is a true liberal democrat and, if he’s elected, with his buddies in charge of Congress hold onto your wallet. McCain has it right, Obama may be running for Jimmy Carter’s 2nd term. Having lived through that debacle, no thanks.

    Corporations don’t pay taxes… their stockholders and consumers make the payments. A windfall profit tax is stupid.

  • Ghibertii

    Great thing about America is that companies can make record profits and still get massive tax breaks, while the average citizen suffers. That is great.

    Bring it to market? much like the auto industry rapidly adopted the electric car. Not so sure you understand how much the big oil companies have been green washing themselves, they want status quo, not change. Here Andy is some Kool-Aid for you to drink.

    Many of us are thinking of how huge the problem is and are trying to solve it and the solution does not begin with giving windfall tax breaks to mega corporations.

  • Ghibertii

    Great thing about America is that companies can make record profits and still get massive tax breaks, while the average citizen suffers. That is great.

    Bring it to market? much like the auto industry rapidly adopted the electric car. Not so sure you understand how much the big oil companies have been green washing themselves, they want status quo, not change. Here Andy is some Kool-Aid for you to drink.

    Many of us are thinking of how huge the problem is and are trying to solve it and the solution does not begin with giving windfall tax breaks to mega corporations.

  • Ookii Mamoru

    “Um, no one is proposing increasing consumption. Rather, many are for maintaining, even decreasing, consumption, at reasonable fuel prices. Succintly stated at”

    Umm…. I believe its already been proven, this is not going to happen. “SUVs ideling in the Wal-Mart Parkinglot and Trucks Hauling no Cargo, just for show.”

    Now we have four SUV and Truck plants shutting down and Ford is hurting also. Econ cars production is being ramped up. Price is doing what social controls could not. The public would have never supported a tax rate like this either.

    One person I talked to had just got rid of their truck 15 mpg on a 25 mile comute for mid size car and gained 25 mpg.

    “Congress wants to) “force conservation, force biofuels, force diesel. And we should do it on the backs of the poor and the middle class.”

    Any road to energy to energy independence is going to be harsh. As a income earner at the poverty line. I understand and appreciate this. I also understand what will happen when cel. ethonal production fully comes on lone. Sure fuel will be at 2.50 a gallon but I know I will never complain about it.

    “After all, if someone can’t afford a Prius: well, fuck ‘em. And, by the way: those who are suffering from the dictatorships and authoritarian governments propped up by American fuel dollars? Fuck them, too.”

    There are cars out there that are not hybrid that get the same fuel mileage as the Prius that are a lot cheaper.

    Amy: As a holder of a 401k plan. Congress needs to leave the dividend money alone.

  • Ookii Mamoru

    “Um, no one is proposing increasing consumption. Rather, many are for maintaining, even decreasing, consumption, at reasonable fuel prices. Succintly stated at”

    Umm…. I believe its already been proven, this is not going to happen. “SUVs ideling in the Wal-Mart Parkinglot and Trucks Hauling no Cargo, just for show.”

    Now we have four SUV and Truck plants shutting down and Ford is hurting also. Econ cars production is being ramped up. Price is doing what social controls could not. The public would have never supported a tax rate like this either.

    One person I talked to had just got rid of their truck 15 mpg on a 25 mile comute for mid size car and gained 25 mpg.

    “Congress wants to) “force conservation, force biofuels, force diesel. And we should do it on the backs of the poor and the middle class.”

    Any road to energy to energy independence is going to be harsh. As a income earner at the poverty line. I understand and appreciate this. I also understand what will happen when cel. ethonal production fully comes on lone. Sure fuel will be at 2.50 a gallon but I know I will never complain about it.

    “After all, if someone can’t afford a Prius: well, fuck ‘em. And, by the way: those who are suffering from the dictatorships and authoritarian governments propped up by American fuel dollars? Fuck them, too.”

    There are cars out there that are not hybrid that get the same fuel mileage as the Prius that are a lot cheaper.

    Amy: As a holder of a 401k plan. Congress needs to leave the dividend money alone.

  • Steve

    What I think really needs to be discussed by our government is a national energy policy that considers for at least a moment that the crazy rise in oil prices is going not just feed the bottom line of the big oil companies, but also the coffers of Al Quaeda, Iran, Syria and their ilk as well. With a lot more money flowing through the middle eastern word, it is inevitable that these “outlaws” will have greater resources and greater ambition to cause trouble.

    If we had spent the trillion dollars spent in Iraq on reducing our dependence on foreign oil by creating and subsidizing alternatives, the price of oil would be lower our dollar would be stronger and the bad guys would have less resources. Energy policy goes hand in hand with national security policy.

  • Steve

    What I think really needs to be discussed by our government is a national energy policy that considers for at least a moment that the crazy rise in oil prices is going not just feed the bottom line of the big oil companies, but also the coffers of Al Quaeda, Iran, Syria and their ilk as well. With a lot more money flowing through the middle eastern word, it is inevitable that these “outlaws” will have greater resources and greater ambition to cause trouble.

    If we had spent the trillion dollars spent in Iraq on reducing our dependence on foreign oil by creating and subsidizing alternatives, the price of oil would be lower our dollar would be stronger and the bad guys would have less resources. Energy policy goes hand in hand with national security policy.

  • Chris

    Raising taxes on the oil companies would lead you to assume that they pay taxes in the first place. CORPORATIONS DO NOT PAY TAXES, WE DO. If Obama gets elected and passes all these tax hikes he is proposing, the price of gas will sky rocket even more than it already has. The reason is because the oil companies will just pass the cost of the taxes down to the consumer.

    A tax on windfall profits is just an election year game trying to fool the American public into believing the oil companies are to blame while the true blame lies with the people in Washington (mainly Democrats).

    They have make it illegal to drill just about everywhere. Right now, China and Cuba are drilling 60 miles off the coast of FL while it is illegal for us to do so.

    They have discovered oil in the mid-west that would yield more oil than what is in Saudi Arabia, but alas, it is illegal to drill for.

    Nothing will happen about these gas prices until the American public realizes that the true blame lies with politcians that are beholding to radical Enviromentalists.

    Drill Here, Drill NOW, Pay Less.

  • Chris

    Raising taxes on the oil companies would lead you to assume that they pay taxes in the first place. CORPORATIONS DO NOT PAY TAXES, WE DO. If Obama gets elected and passes all these tax hikes he is proposing, the price of gas will sky rocket even more than it already has. The reason is because the oil companies will just pass the cost of the taxes down to the consumer.

    A tax on windfall profits is just an election year game trying to fool the American public into believing the oil companies are to blame while the true blame lies with the people in Washington (mainly Democrats).

    They have make it illegal to drill just about everywhere. Right now, China and Cuba are drilling 60 miles off the coast of FL while it is illegal for us to do so.

    They have discovered oil in the mid-west that would yield more oil than what is in Saudi Arabia, but alas, it is illegal to drill for.

    Nothing will happen about these gas prices until the American public realizes that the true blame lies with politcians that are beholding to radical Enviromentalists.

    Drill Here, Drill NOW, Pay Less.

  • James

    If you’re typing on a Mac right now, or listening to your iPod, or using windows, you better start writing your congressmen to tell them to tax Apple and Microsoft the same windfall taxes because they’re making a lot more off of you in profit margin than Exxon is

    I agree that we are in a capitalist society. However, the difference between Microsoft/Apple and Big Oil is the product. Quadruple the cost of computers and everyone complains. But overall, they simply won’t replace their disposable electronics as often. Quadruple the cost of gas, the country goes into recession. Their is a direct relationship between oil and everything else. I don’t see the same relationship between computers and everything else.

  • James

    If you’re typing on a Mac right now, or listening to your iPod, or using windows, you better start writing your congressmen to tell them to tax Apple and Microsoft the same windfall taxes because they’re making a lot more off of you in profit margin than Exxon is

    I agree that we are in a capitalist society. However, the difference between Microsoft/Apple and Big Oil is the product. Quadruple the cost of computers and everyone complains. But overall, they simply won’t replace their disposable electronics as often. Quadruple the cost of gas, the country goes into recession. Their is a direct relationship between oil and everything else. I don’t see the same relationship between computers and everything else.

  • ice

    My brother in law works in Texas for a oil company as an accountant. There’s no doubt they are making good money right now. But the real profits are going to our Arab friends on foreign soil.

    Seems funny don’t you think that we the last few times we heard from Bin Laden he was threatening to crush our economy and have us on our knees. I don’t think we’re there yet, but if core essentials like energy and food keep going up we may get there soon. So is his group behind this, and how has he done it? Any conspiracy theories here?

  • ice

    My brother in law works in Texas for a oil company as an accountant. There’s no doubt they are making good money right now. But the real profits are going to our Arab friends on foreign soil.

    Seems funny don’t you think that we the last few times we heard from Bin Laden he was threatening to crush our economy and have us on our knees. I don’t think we’re there yet, but if core essentials like energy and food keep going up we may get there soon. So is his group behind this, and how has he done it? Any conspiracy theories here?

  • how many of you guys have 401k’s or some other type of investments that involve oil companies? yeah… let’s stick it to the oil companies and hurt all of our retirement plans. let’s shoot ourselves in the foot!

    people own the oil companies….it’s called stock.

    when you tax and punish oil, you cut alot of people’s retirement and college funds…

    that’s just about as idiotic as thinking that the president has the power of a king… i had gas this morning from the mexican food i ate last night…and it’s all bush’s fault….

  • how many of you guys have 401k’s or some other type of investments that involve oil companies? yeah… let’s stick it to the oil companies and hurt all of our retirement plans. let’s shoot ourselves in the foot!

    people own the oil companies….it’s called stock.

    when you tax and punish oil, you cut alot of people’s retirement and college funds…

    that’s just about as idiotic as thinking that the president has the power of a king… i had gas this morning from the mexican food i ate last night…and it’s all bush’s fault….

  • nick

    demand for oil not rising.

    surely the author is not so stupid as to believe this.

  • nick

    demand for oil not rising.

    surely the author is not so stupid as to believe this.

  • Dee

    I’m still waiting for Murdoch to be correct on oil hitting $20 a barrel while we’re in war. Anyone?

  • Dee

    I’m still waiting for Murdoch to be correct on oil hitting $20 a barrel while we’re in war. Anyone?

  • Joe

    Andy-

    Please keep in mind that when “big oil” is “only” profiting ten percent of every gallon they they sell us, it’s still ten percent.

    I started driving eleven years ago. Gas costed about $1.25 a gallon (Marin County has always been over priced in all sales.) So they would have made 12.5 cents for every gallon I bought, right? Now I’m paying $4.27 a gallon. What does that make them every gallon I buy?

    Now take into acount that there is NO increase in oil demand.

    Don’t get me wrong, this bill is retarded. You are right about that. Just consider how much they’re making, and why.

  • Joe

    Andy-

    Please keep in mind that when “big oil” is “only” profiting ten percent of every gallon they they sell us, it’s still ten percent.

    I started driving eleven years ago. Gas costed about $1.25 a gallon (Marin County has always been over priced in all sales.) So they would have made 12.5 cents for every gallon I bought, right? Now I’m paying $4.27 a gallon. What does that make them every gallon I buy?

    Now take into acount that there is NO increase in oil demand.

    Don’t get me wrong, this bill is retarded. You are right about that. Just consider how much they’re making, and why.

  • JPB

    Take a look at how much ‘profit’ the oil companies make off an individual consumer. Do the math and it is probably less than $5/month. That is not a bad price to pay in order to have a gas station available on every corner. The reasons these profits are so high is that WE ALL BUY GAS. The end result of a profit windfall gas will be smaller energy companies higher costs through lack of scale and higher prices for the consumers.

    Let’s take a look at the tax breaks, but a windfall profit tax? Please…

    If you really want to reduce consumption – RAISE THE GAS TAX – reducing demand and ultimately reducing the price.

  • Early Reignfeld

    While they are making record profits the $17 billion in tax breaks should be rescinded.

  • JPB

    Take a look at how much ‘profit’ the oil companies make off an individual consumer. Do the math and it is probably less than $5/month. That is not a bad price to pay in order to have a gas station available on every corner. The reasons these profits are so high is that WE ALL BUY GAS. The end result of a profit windfall gas will be smaller energy companies higher costs through lack of scale and higher prices for the consumers.

    Let’s take a look at the tax breaks, but a windfall profit tax? Please…

    If you really want to reduce consumption – RAISE THE GAS TAX – reducing demand and ultimately reducing the price.

  • Early Reignfeld

    While they are making record profits the $17 billion in tax breaks should be rescinded.

  • leefuntime

    Lets not forget the dollar side of the equation of oil. While politicians like to make claims of low direct taxes on the people, they have no problem indirectly taxing. Tax through inflation by monetizing the debt. When the Govt. borrows and prints money to cover foreign and domestic programs, all that new money devalues the money in your pocket. So basically the price of oil hasn’t really gone up that much, the value of the dollar has gone down. If we continue to run this country on unbalanced budgets be prepared to use a wheel barrel full of money to buy not only gas, but food/shelter/etc..

  • leefuntime

    Lets not forget the dollar side of the equation of oil. While politicians like to make claims of low direct taxes on the people, they have no problem indirectly taxing. Tax through inflation by monetizing the debt. When the Govt. borrows and prints money to cover foreign and domestic programs, all that new money devalues the money in your pocket. So basically the price of oil hasn’t really gone up that much, the value of the dollar has gone down. If we continue to run this country on unbalanced budgets be prepared to use a wheel barrel full of money to buy not only gas, but food/shelter/etc..

  • John

    Let them have their profits. Thats business. The tax breaks should stop though as there is no reason they need it. If we let the government to start regulating profits we are asking for a world of hurt. Stopping all these tax breaks to oil companies would be a good idea though. We can’t let the government have too much power, which we actually did after 911. If people were actually smart they’d realize U.S.A has one of the lowest terrorist attack rates in the world! How many have we had after 9/11? What we get one ever 5 years, thats hardly cause for panic.

  • John

    Let them have their profits. Thats business. The tax breaks should stop though as there is no reason they need it. If we let the government to start regulating profits we are asking for a world of hurt. Stopping all these tax breaks to oil companies would be a good idea though. We can’t let the government have too much power, which we actually did after 911. If people were actually smart they’d realize U.S.A has one of the lowest terrorist attack rates in the world! How many have we had after 9/11? What we get one ever 5 years, thats hardly cause for panic.

  • gotrootdude

    Bill said: (Congress wants to) “force conservation, force biofuels, force diesel. And we should do it on the backs of the poor and the middle class.

    After all, if someone can’t afford a Prius: well, fuck ‘em. And, by the way: those who are suffering from the dictatorships and authoritarian governments propped up by American fuel dollars? Fuck them, too.”

    I find his statements amusing and ill conceived. Personally, I’m driving a 1989 Toyota I bought for $600 and getting 40+mpg out of it. I switched from a GMC Jimmy that spewed oil and was frequently shop-bound. My wife switched from a 2005 Ford Windstar (blown head gastets, four transmissions) to a 1992 Ford Festiva (50+mpg, $700) I’ve already sourced a electric conversion kit which will fit for both vehicles ($2,225) and have taken appropriate steps to conserve the funds for the purchase. Who needs a prius?

    I’ve saved approx $3,000 on the gas associated costs over the past year, and well over $5000 in repairs associated with heavier vehicles. My family of six makes approx $25,000, so it doesn’t make sense that this affects the poor more than the rich. The poor change easier towards what they can afford.

    People who are the most vocal anti-environmentalists, preach the most about drilling for more oil and complain the most about the costs of gas seem to be the ones who have no problem driving a SUV with one passenger. I tend to think of the gas prices as a financial equalizer between my family and those rich, fat, greedy people. It makes me smile. 🙂

  • gotrootdude

    Bill said: (Congress wants to) “force conservation, force biofuels, force diesel. And we should do it on the backs of the poor and the middle class.

    After all, if someone can’t afford a Prius: well, fuck ‘em. And, by the way: those who are suffering from the dictatorships and authoritarian governments propped up by American fuel dollars? Fuck them, too.”

    I find his statements amusing and ill conceived. Personally, I’m driving a 1989 Toyota I bought for $600 and getting 40+mpg out of it. I switched from a GMC Jimmy that spewed oil and was frequently shop-bound. My wife switched from a 2005 Ford Windstar (blown head gastets, four transmissions) to a 1992 Ford Festiva (50+mpg, $700) I’ve already sourced a electric conversion kit which will fit for both vehicles ($2,225) and have taken appropriate steps to conserve the funds for the purchase. Who needs a prius?

    I’ve saved approx $3,000 on the gas associated costs over the past year, and well over $5000 in repairs associated with heavier vehicles. My family of six makes approx $25,000, so it doesn’t make sense that this affects the poor more than the rich. The poor change easier towards what they can afford.

    People who are the most vocal anti-environmentalists, preach the most about drilling for more oil and complain the most about the costs of gas seem to be the ones who have no problem driving a SUV with one passenger. I tend to think of the gas prices as a financial equalizer between my family and those rich, fat, greedy people. It makes me smile. 🙂

  • Manachevitz

    Subsidizing oil has never made any sense. Biphenyls in plastic and exhaust from every vehicle on earth is ruining our planet. If big oil isn’t at fault, then the government who allows global chemical infestation is at fault. Either way, our country has been supporting the proliferation of oil into our society because we like to make war. Our military needs oil to wage war (real reason diesel is more expensive than gas – not heating oils?!?), and our society has come to need plastic for everything because of convenience. We should be subsidizing solar, wind, railroad, and farmers who make edible food not starch for corn syrup. Congress has their work cut out for them. Protecting the toxic industries are keeping us behind the pace of global progress. Our gluttonous lifestyles are going to be imitated all over the world unless we change our ways. Can you imagine every country consuming at the rate we do? What would the future be like if every country acted like the spoiled teenager who won’t clean his/her room? Really, oil? Sooooo LAST century.

  • Manachevitz

    Subsidizing oil has never made any sense. Biphenyls in plastic and exhaust from every vehicle on earth is ruining our planet. If big oil isn’t at fault, then the government who allows global chemical infestation is at fault. Either way, our country has been supporting the proliferation of oil into our society because we like to make war. Our military needs oil to wage war (real reason diesel is more expensive than gas – not heating oils?!?), and our society has come to need plastic for everything because of convenience. We should be subsidizing solar, wind, railroad, and farmers who make edible food not starch for corn syrup. Congress has their work cut out for them. Protecting the toxic industries are keeping us behind the pace of global progress. Our gluttonous lifestyles are going to be imitated all over the world unless we change our ways. Can you imagine every country consuming at the rate we do? What would the future be like if every country acted like the spoiled teenager who won’t clean his/her room? Really, oil? Sooooo LAST century.

  • Joey

    Why do the left/liberals/democrats react to every crisis with a call to raise taxes? There’s an easy way to lower gas prices: open up protected areas to drilling and allow more refineries to be built. That’s what Americans want. The poorest Americans are hit the hardest by high fuel prices. They can’t spring to the dealer and buy the latest sun powered wonder car. There’s plenty of oil. Now get busy and pump it.

  • Joey

    Why do the left/liberals/democrats react to every crisis with a call to raise taxes? There’s an easy way to lower gas prices: open up protected areas to drilling and allow more refineries to be built. That’s what Americans want. The poorest Americans are hit the hardest by high fuel prices. They can’t spring to the dealer and buy the latest sun powered wonder car. There’s plenty of oil. Now get busy and pump it.

  • beerforbrains

    Who needs oil companies?! Oil is a social need, let’s socialize its supply and cap private sector profits at zero!

  • beerforbrains

    Who needs oil companies?! Oil is a social need, let’s socialize its supply and cap private sector profits at zero!

  • gotrootdude

    Joey please read my earlier comments.

    There’s already a surplus of oil and consumption is down due to prices. All we succeed in doing by drilling is further harm to the environment. It won’t lower prices or taxes. It will add ONE day worth of oil to the global consumption. If you think there’s a shortage, then do your part and conserve, maybe by riding a moped instead of a SUV. It makes more sense than drilling. You’re crying like a baby and acting spoiled.

    As far as raising taxes. McCain has to raise taxes as well. There’s no other alternative to achieve a balanced budget. There’s no other alternative if we want to continue to support our senior citizen’s lifestyles. At least we can vote for a person who’s honest about his plans to raise them.

  • gotrootdude

    Joey please read my earlier comments.

    There’s already a surplus of oil and consumption is down due to prices. All we succeed in doing by drilling is further harm to the environment. It won’t lower prices or taxes. It will add ONE day worth of oil to the global consumption. If you think there’s a shortage, then do your part and conserve, maybe by riding a moped instead of a SUV. It makes more sense than drilling. You’re crying like a baby and acting spoiled.

    As far as raising taxes. McCain has to raise taxes as well. There’s no other alternative to achieve a balanced budget. There’s no other alternative if we want to continue to support our senior citizen’s lifestyles. At least we can vote for a person who’s honest about his plans to raise them.

  • Thanks for the link, Bill. I don’t think anyone thinks it’s a great idea to continue to depend upon fossil fuels. The debate over increasing domestic production simply has to do with whether this will help to ease the transition, as we continue to perfect alternative fuels.

    High gas prices have changed people’s behavior lately in objectively constructive ways, but if it goes on too long it might have a bad–and lasting–effect on the economy.

    Right now companies like Shell ARE investing a lot in finding new sources of energy–both unorthodox sources of petroleum, and alternative fuels. Instead of hitting ’em with a windfall tax, we should get out of their way and let them keep working on this.

    We all see the clock ticking.

  • Thanks for the link, Bill. I don’t think anyone thinks it’s a great idea to continue to depend upon fossil fuels. The debate over increasing domestic production simply has to do with whether this will help to ease the transition, as we continue to perfect alternative fuels.

    High gas prices have changed people’s behavior lately in objectively constructive ways, but if it goes on too long it might have a bad–and lasting–effect on the economy.

    Right now companies like Shell ARE investing a lot in finding new sources of energy–both unorthodox sources of petroleum, and alternative fuels. Instead of hitting ’em with a windfall tax, we should get out of their way and let them keep working on this.

    We all see the clock ticking.

  • The price of a barrel of oil doubles, the amount of investment in order to buy that barrel of oil doubles, dollar amount of return doubles, but the percentage of return on dollar invested stays the same, – What’s the Problem?

    What I haven’t heard from the bloviators is what percentage of return on investment should be the legal limit. Should 9% be the limit, that is about the oil industry averages? Should they only be allowed 5%?

    The reason you don’t hear it is because they aren’t charging excessive markup and they know it. They know they can’t impose a markup limit because that would penalize all business across the board. The only business they want to screw is the ”Evil business” making headlines.

  • The price of a barrel of oil doubles, the amount of investment in order to buy that barrel of oil doubles, dollar amount of return doubles, but the percentage of return on dollar invested stays the same, – What’s the Problem?

    What I haven’t heard from the bloviators is what percentage of return on investment should be the legal limit. Should 9% be the limit, that is about the oil industry averages? Should they only be allowed 5%?

    The reason you don’t hear it is because they aren’t charging excessive markup and they know it. They know they can’t impose a markup limit because that would penalize all business across the board. The only business they want to screw is the ”Evil business” making headlines.

  • Freda Tozi

    If taxes are raised on oil US companies, then the extra cost of doing business (this tax) will simply be passed on to customers.

    To be consistent, if we call for a special tax when oil is high, we have to call for subsidizing with tax-payer funds when oil is low, like it was for more than a decade.

    Will these taxes apply to oil produced by OPEC, Russia, etc? Of course not, just American companies, which, by comparison are small compared gov-owned outfits of other countries.

    What about shareholders of US oil companies which rely on company profits for retirement and investment?

    This bill is class warfare, and is meant to make some feel better while not addressing the issues.

    THINK people!

    fT

  • Freda Tozi

    If taxes are raised on oil US companies, then the extra cost of doing business (this tax) will simply be passed on to customers.

    To be consistent, if we call for a special tax when oil is high, we have to call for subsidizing with tax-payer funds when oil is low, like it was for more than a decade.

    Will these taxes apply to oil produced by OPEC, Russia, etc? Of course not, just American companies, which, by comparison are small compared gov-owned outfits of other countries.

    What about shareholders of US oil companies which rely on company profits for retirement and investment?

    This bill is class warfare, and is meant to make some feel better while not addressing the issues.

    THINK people!

    fT

  • Wally

    “precipitous jump in oil prices is the rise in global demand, … demand is not currently on the rise. ”

    Um..Well then that means we are RUNNING OUT. This isn’t like the old days. The prices are jumping because the “people in the know” know what is happening.

    @tim

    “The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply.”

    That is a nonsensical statement and I don’t think they are saying that. You can’t “make” more oil. You can’t increase supply. Avaiable fields are tapped out.

    We can’t drill anything new in time.It takes YEARS.

  • Wally

    “precipitous jump in oil prices is the rise in global demand, … demand is not currently on the rise. ”

    Um..Well then that means we are RUNNING OUT. This isn’t like the old days. The prices are jumping because the “people in the know” know what is happening.

    @tim

    “The Republicans seem to suggest that the only way we can possibly reduce the price of gas is to ramp up supply.”

    That is a nonsensical statement and I don’t think they are saying that. You can’t “make” more oil. You can’t increase supply. Avaiable fields are tapped out.

    We can’t drill anything new in time.It takes YEARS.

  • If someone takes away your tax break the net result is you pay more in taxes. Removing the tax breaks that oil companies get is the same as increasing the tax burden the oil companies have to pay. Don’t think for a second they won’t pass the additional cost on to consumers.

    According to NextBigFuture and the IEA demand for oil currently is outstripping supply by 1 million barrels per day (http://nextbigfuture.com/2008/06/updates-on-world-oil-production-and.html) Maybe demand hasn’t increased but it certainly hasn’t gone down either.

    High cost of oil fuels research into alternative forms of energy. Why was no one dumping tons of money into wind and solar when gas cost $1/gallon? because there was no money to be made. Now, however, there is a lot of money to be made.

    Drilling in the US won’t solve the problem either, it’s just a band-aid solution and a great way to waste our reserves of oil. I’d rather use up the rest of the world’s oil first.

  • If someone takes away your tax break the net result is you pay more in taxes. Removing the tax breaks that oil companies get is the same as increasing the tax burden the oil companies have to pay. Don’t think for a second they won’t pass the additional cost on to consumers.

    According to NextBigFuture and the IEA demand for oil currently is outstripping supply by 1 million barrels per day (http://nextbigfuture.com/2008/06/updates-on-world-oil-production-and.html) Maybe demand hasn’t increased but it certainly hasn’t gone down either.

    High cost of oil fuels research into alternative forms of energy. Why was no one dumping tons of money into wind and solar when gas cost $1/gallon? because there was no money to be made. Now, however, there is a lot of money to be made.

    Drilling in the US won’t solve the problem either, it’s just a band-aid solution and a great way to waste our reserves of oil. I’d rather use up the rest of the world’s oil first.

  • pk in Texas

    I don’t take issue with the Oil companies riding an economic wave which causes their “Assets in the Ground” to increase in value. I take issue with the fact that offshore leases written in 1998 and 1999 contained a minimal royalty (because of $10/B price) without the legislated trigger mechanism to reset as the prices recovered. The result Foreign and Domestic Oil companies are pumping next to free oil from these leases and selling it back to the American taxpayer for market prices. And they want us to do the same in AMWAR.

  • pk in Texas

    I don’t take issue with the Oil companies riding an economic wave which causes their “Assets in the Ground” to increase in value. I take issue with the fact that offshore leases written in 1998 and 1999 contained a minimal royalty (because of $10/B price) without the legislated trigger mechanism to reset as the prices recovered. The result Foreign and Domestic Oil companies are pumping next to free oil from these leases and selling it back to the American taxpayer for market prices. And they want us to do the same in AMWAR.

  • Sam

    While I am relieved that this foolish legislation was shot down, I can’t help but be disturbed by the liberal motives behind it. For many of these Democrat senators and representatives’ constituencies, there aim is not to benefit the consumer. Rather, their aim is to exacerbate the cost of oil and our economy in order to usher in a drastic change; to radically shift where we get our energy and how we use it; in a way, forcing us to “Go Green” by starving us of gasoline.

    Acknowledging that the Far Left’s intentions are precise opposition to what the American economy and consumer need, let’s throw the economics textbook out of the window and realize how distorted the liberals’ fear-fueled point of view really is.

    Timothy B. Hurst-

    I think you touched on this, when you mentioned ” the larger political reality (or, what economists like to call “externalities”).”

  • Sam

    While I am relieved that this foolish legislation was shot down, I can’t help but be disturbed by the liberal motives behind it. For many of these Democrat senators and representatives’ constituencies, there aim is not to benefit the consumer. Rather, their aim is to exacerbate the cost of oil and our economy in order to usher in a drastic change; to radically shift where we get our energy and how we use it; in a way, forcing us to “Go Green” by starving us of gasoline.

    Acknowledging that the Far Left’s intentions are precise opposition to what the American economy and consumer need, let’s throw the economics textbook out of the window and realize how distorted the liberals’ fear-fueled point of view really is.

    Timothy B. Hurst-

    I think you touched on this, when you mentioned ” the larger political reality (or, what economists like to call “externalities”).”

  • You can speak your mind with a T shirt printed in Arabic that reads “Stick Your Oil up Your Ass”.

    There is also commentary regarding Brazil’s wise decision to switch to cane ethanol after the Oil Embargo of 1973. They are getting fuel at $.15 a gallon and exporting their surplus. We chose to support the big oil corporations who influence our politicians.

    Check out fuckchinatshirts.com

  • You can speak your mind with a T shirt printed in Arabic that reads “Stick Your Oil up Your Ass”.

    There is also commentary regarding Brazil’s wise decision to switch to cane ethanol after the Oil Embargo of 1973. They are getting fuel at $.15 a gallon and exporting their surplus. We chose to support the big oil corporations who influence our politicians.

    Check out fuckchinatshirts.com

  • When the price of oil falls, does congress consider tax breaks for oil companies?

    Will there really be record profits for the major oil companies that are also refiners? Refining margins contract when the price of gasoline doesn’t rise as fast as oil. Last year, as oil was rising, gasoline prices were falling. Oil companies already have to make up for lost profits.

    I guess I can see what the proposed tax was supposed to do. If oil companies are making more money because of high oil and gasoline prices, the tax seems to be designed to force oil companies to lower their gasoline prices. (If this is not the reason, then the Democrats just wanted to increase the government’s share of the profits.)

    Either way the oil companies would lose under the proposed tax. Either they’d have to lower gas prices and constrict margins, or do nothing and get taxed.

  • When the price of oil falls, does congress consider tax breaks for oil companies?

    Will there really be record profits for the major oil companies that are also refiners? Refining margins contract when the price of gasoline doesn’t rise as fast as oil. Last year, as oil was rising, gasoline prices were falling. Oil companies already have to make up for lost profits.

    I guess I can see what the proposed tax was supposed to do. If oil companies are making more money because of high oil and gasoline prices, the tax seems to be designed to force oil companies to lower their gasoline prices. (If this is not the reason, then the Democrats just wanted to increase the government’s share of the profits.)

    Either way the oil companies would lose under the proposed tax. Either they’d have to lower gas prices and constrict margins, or do nothing and get taxed.

  • Mactek

    The cost of gas would not be near as high if the value of the dollar wasn’t dropping like bag full of bullshit.

    Nobody questions the Fed and its monetary policy because it is pretty boring stuff. It is much sexier to blame windfall profits on the oil companies.

    Oil is a commodity. The oil companies don’t set the price for a barrel of oil. Price is set in the global commodity markets. The oil companies have fixed costs to cover exploration, extraction, refining, and transport that they are rightfully allow to add.

    Those blowhard politicians ought to take a close look at how the government’s weak dollar policy is ruining America. Instead, they just want to tax us more. What a joke! FIX THE CURRENCY YOU MORONS!!!

  • Mactek

    The cost of gas would not be near as high if the value of the dollar wasn’t dropping like bag full of bullshit.

    Nobody questions the Fed and its monetary policy because it is pretty boring stuff. It is much sexier to blame windfall profits on the oil companies.

    Oil is a commodity. The oil companies don’t set the price for a barrel of oil. Price is set in the global commodity markets. The oil companies have fixed costs to cover exploration, extraction, refining, and transport that they are rightfully allow to add.

    Those blowhard politicians ought to take a close look at how the government’s weak dollar policy is ruining America. Instead, they just want to tax us more. What a joke! FIX THE CURRENCY YOU MORONS!!!

  • The oil companies have profited enough. Think of those who are not in USA, they are poor and middle class people where food are very scarce.

  • The oil companies have profited enough. Think of those who are not in USA, they are poor and middle class people where food are very scarce.

  • Erik

    Good! A windfall profits tax is just going to make situations worse! How can taxing a commodity make prices go down?

    Oil companies don’t have it easy as you think. Even with their profits, ExxonMobil is shutting down all their company-owned stations and are selling them off as franchises since they are no longer commercially viable!

    High crude oil prices affect oil companies and the consumer. All we can do is adapt to this new change, which we should have been anticipating for the past THIRTY YEARS. Nobody has the right to complain, everyone knew this day would come so it’s time to make sacrifices!

  • Erik

    Good! A windfall profits tax is just going to make situations worse! How can taxing a commodity make prices go down?

    Oil companies don’t have it easy as you think. Even with their profits, ExxonMobil is shutting down all their company-owned stations and are selling them off as franchises since they are no longer commercially viable!

    High crude oil prices affect oil companies and the consumer. All we can do is adapt to this new change, which we should have been anticipating for the past THIRTY YEARS. Nobody has the right to complain, everyone knew this day would come so it’s time to make sacrifices!

  • Pingback: Welcome Forex Traders!! » Blog Archive » Republicans Block Windfall Profits Tax on Big Oil Companies()

  • hetfield

    You greenies have to be still smoking something. How is lowering the cost of oil bad for us? How are mercury filled flourescent lights good for us? How does Algore increase his residential energy usage by going green?

    Time to wake up and get off the grass.

  • hetfield

    You greenies have to be still smoking something. How is lowering the cost of oil bad for us? How are mercury filled flourescent lights good for us? How does Algore increase his residential energy usage by going green?

    Time to wake up and get off the grass.

  • Deb

    From down here in my little world, we’ve seen this coming when everyone was buying the SUV’s and Hummers to show off. A couple of years ago, middle class moms were “bragging” about how much it took to fill up their overpriced SUV’s and getting to the schools early to pick up their kids, leaving the engine running, and talking on their cell phones while they waited for the school to let out. Heck yeah, the demand went up. Everyone wants to be a big shot and now not only are the banks and car dealers now hurting, but the average consumer is.

  • Deb

    From down here in my little world, we’ve seen this coming when everyone was buying the SUV’s and Hummers to show off. A couple of years ago, middle class moms were “bragging” about how much it took to fill up their overpriced SUV’s and getting to the schools early to pick up their kids, leaving the engine running, and talking on their cell phones while they waited for the school to let out. Heck yeah, the demand went up. Everyone wants to be a big shot and now not only are the banks and car dealers now hurting, but the average consumer is.

  • I like John McCain too; he seems to be a great guy, personable, likable, a kind of guy that you could invite over to a BBQ. Yeah sure, I respect him for his military service. No it doesn’t bother me that he graduate in the bottom 5% of his class from the Naval Academy, (hey I dropped out of High school) or that he crashed 4 planes,(I crashed my car twice) or even that he was shot down on his first mission over Vietnam,(hey, I’m three time loser) or even the that he started singing like a bird when captured by the NVA, without being tortured, or that he cheated on his wife, while in office, and is trying to portray himself as the candidate for family values, hey who am I to judge, I’ve mad my fair share of mistakes and then some, so who am I to judge McCain for his.

    What really gets me is that some of your readers, won’t name any names, (hint:on a 2001 car trip to Florida), spoke about how Bush was going to do this, and bush was going to do that, and how the economy was going to be better. What happened? We started out with a surplus and eight years later were going to end up with the biggest deficit by a president ever recorded in history, and McCain supported Bush 95% of the time.

    Our economy has tanked, our Gas Prices have skyrocketed and everything from the cost of food to diapers has gotten insanely expensive. I won’t mention how many Americans lost their jobs, or the tax breaks to companies that ship American Jobs overseas. Maybe those of you that are well off can afford the basic necessities, or have a nest egg to carry you over until the economy gets better, but many Americans, including myself cannot.

    We went to war in IRAQ on a LIE, remember WMDs, 4,146 soldiers are dead 30,182 wounded for a LIE .How did Americans get duped into agreeing to spend 12 Billion a month in Iraq for a war that shouldn’t even be? So far we spent $368 billion on military operations, $45 billion more in veterans care, diplomatic services, training with that type of money we could of rebuilt the nation’s Infrastructure, invested in alternative energy and established our own Universal Healthcare.

    Come on, be honest, when “W” changed his focus from looking for Bin Laden in Afghanistan to invading Iraq, you weren’t all scratching your head thinking “why in the hell are we doing that?” Intelligent and hardworking Americans such as yourselves?, didn’t have any doubt about that decision? OK, ok, I will give you the benefit of the doubt.

    What about when the excuse for invading Iraq was proven to be a LIE, WMDs? How about then? Were you outraged? No. no, you just voted him back into office for another four years, with the excuse, “Well,we want him to finish what he started.” What!? Come on, wake up! If that was any other American, he would be in prison.

    John McCain has been in Washington for a long time, twenty-six years and nothing’s has changed. He is out of touch with reality. He doesn’t even understand economics and even admits it himself,

    “The issue of economics is not something I’ve understood as well as I should,” McCain said on December 17 in New Hampshire, http://lburl.com/idd0k

    I’m astounded, How can smart, Intelligent, hardworking people want McCain for president? Don’t get me wrong, I like John McCain, even after all the crappy things he has done, even after all his flopping around on issues like a fish out of water, I like him, just not as my Next President!

    I am 36, and this will be my first election that I will vote in: presidential or otherwise. It’s Time for a change in Washington.

    It’s time for a president for the people, from the people, someone who has seen the same hardships that we have, made the same kind of sacrifices we made, and works hard for success, Think about that when you cast your ballot in November.

  • I like John McCain too; he seems to be a great guy, personable, likable, a kind of guy that you could invite over to a BBQ. Yeah sure, I respect him for his military service. No it doesn’t bother me that he graduate in the bottom 5% of his class from the Naval Academy, (hey I dropped out of High school) or that he crashed 4 planes,(I crashed my car twice) or even that he was shot down on his first mission over Vietnam,(hey, I’m three time loser) or even the that he started singing like a bird when captured by the NVA, without being tortured, or that he cheated on his wife, while in office, and is trying to portray himself as the candidate for family values, hey who am I to judge, I’ve mad my fair share of mistakes and then some, so who am I to judge McCain for his.

    What really gets me is that some of your readers, won’t name any names, (hint:on a 2001 car trip to Florida), spoke about how Bush was going to do this, and bush was going to do that, and how the economy was going to be better. What happened? We started out with a surplus and eight years later were going to end up with the biggest deficit by a president ever recorded in history, and McCain supported Bush 95% of the time.

    Our economy has tanked, our Gas Prices have skyrocketed and everything from the cost of food to diapers has gotten insanely expensive. I won’t mention how many Americans lost their jobs, or the tax breaks to companies that ship American Jobs overseas. Maybe those of you that are well off can afford the basic necessities, or have a nest egg to carry you over until the economy gets better, but many Americans, including myself cannot.

    We went to war in IRAQ on a LIE, remember WMDs, 4,146 soldiers are dead 30,182 wounded for a LIE .How did Americans get duped into agreeing to spend 12 Billion a month in Iraq for a war that shouldn’t even be? So far we spent $368 billion on military operations, $45 billion more in veterans care, diplomatic services, training with that type of money we could of rebuilt the nation’s Infrastructure, invested in alternative energy and established our own Universal Healthcare.

    Come on, be honest, when “W” changed his focus from looking for Bin Laden in Afghanistan to invading Iraq, you weren’t all scratching your head thinking “why in the hell are we doing that?” Intelligent and hardworking Americans such as yourselves?, didn’t have any doubt about that decision? OK, ok, I will give you the benefit of the doubt.

    What about when the excuse for invading Iraq was proven to be a LIE, WMDs? How about then? Were you outraged? No. no, you just voted him back into office for another four years, with the excuse, “Well,we want him to finish what he started.” What!? Come on, wake up! If that was any other American, he would be in prison.

    John McCain has been in Washington for a long time, twenty-six years and nothing’s has changed. He is out of touch with reality. He doesn’t even understand economics and even admits it himself,

    “The issue of economics is not something I’ve understood as well as I should,” McCain said on December 17 in New Hampshire, http://lburl.com/idd0k

    I’m astounded, How can smart, Intelligent, hardworking people want McCain for president? Don’t get me wrong, I like John McCain, even after all the crappy things he has done, even after all his flopping around on issues like a fish out of water, I like him, just not as my Next President!

    I am 36, and this will be my first election that I will vote in: presidential or otherwise. It’s Time for a change in Washington.

    It’s time for a president for the people, from the people, someone who has seen the same hardships that we have, made the same kind of sacrifices we made, and works hard for success, Think about that when you cast your ballot in November.

  • This is like having the Mafia demand protection payments from you. Then the cops show up. … and ask for there cut

  • This is like having the Mafia demand protection payments from you. Then the cops show up. … and ask for there cut

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