U.S. Rep. Bobby L. Rush Calls for Windfall Profit Tax on Crude Oil with Proceeds Going to the Low Income Heating Assistance Program

U.S. REP. BOBBY L. RUSH CALLS FOR WINDFALL PROFIT TAX ON CRUDE OIL WITH PROCEEDS GOING TO THE LOW INCOME HEATING ASSISTANCE PROGRAM

Washington D.C. ---- With major oil companies living in the lap of huge profits, Congressman Bobby L. Rush (D-IL) announced today the introduction of his bill H.R. 4248, which amends the Internal Revenue Code of 1986 and imposes a temporary windfall profit tax on crude oil with proceeds going to carry out the Low-Income Home Energy Assistance Act of 1981.

"Gas prices and oil company profits are at an all-time high, but the needs for our most vulnerable population continues to be a low priority in this country," said Rush. "By imposing a windfall profit tax on oil companies, the proceeds will enable families to offset anticipated record home heating costs this winter."

A strong supporter of the Low Income Heating Assistance Program (LIHEAP), Congressman Rush was able to increase the authorization of funds by 50% to $5.1 billion earlier this year through passage of his amendment as part of the Energy Policy Act of 2005. Appropriators later decided to reduce and fund LIHEAP with $2 billion. The Energy and Commerce Committee, of which Rush is a member, then voted for direct spending of an additional $1 billion for a total of $3 billion.

Rush further stated that, "with a windfall profit tax, we now have a viable plan that allocates funding for LIHEAP rather than have it continue to hang in budget cut limbo." "Oil companies should not be allowed to reap unconscionable profit gains at the expense of our nation not being able to protect consumers and provide for our underserved populations."

For more information about this bill, please visit www.house.gov/rush.

http://www.house.gov/apps/list/press/il01_rush/oil.html