Braley Calls for Windfall Profit Tax for Oil Companies
Braley Calls for Windfall Profit Tax for Oil Companies
Today Iowa First District Congressional candidate Bruce Braley called for a windfall tax on oil companies' record-breaking profits as gasoline prices continue to surge in Iowa to nearly $3 per gallon.
"Oil companies make more in profits than any other industry, yet the price of gasoline continues to rise," Braley, a Democrat from Waterloo, said. "ExxonMobil alone made $36.1 billion in profits in 2005, and today ConocoPhillips announced a first quarter profit of $3.29 billionall while the rising cost of gasoline makes it hard for middle class Americans to make ends meet.
"Enough is enough. I support a windfall profits tax on these oil companies who have enjoyed Republican tax cuts for too long. They should be held accountable for gouging the American public."
Sunday, Michigan Democratic Senator Carl Levin called for a windfall profits tax on oil companies, saying that if President Bush supported such a tax, gasoline prices "would come down within a matter of days." Pennsylvania Republican Senator Arlen Specter lent bipartisan support to such a plan, saying that such a tax was "worth considering."
Despite record profits, oil companies have continued to enjoy rich incentives from the Republican administration. According to a General Accounting Office report, incentives for oil and gas companies that drill in the Gulf of Mexico will cost the federal government at least $20 billion in revenue over the next 25 years. The 2005 Energy Bill alone provided $6 billion in direct subsidies to oil and gas producers.
Braley has already unveiled a comprehensive plan to increase the development of renewable energy sources, including ethanol and biodiesel, to address soaring energy prices and reduce America's dependence on foreign oil while strengthening Iowa's economy.
http://www.brucebraley.com/primaryNews/article.asp?ID=338