Dems propose 'Reasonable Profits Board' to regulate oil company profits

By Pete Kasperowicz - 01/19/12 10:20 AM ET

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits.

The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.

The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding "a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress.
 
http://thehill.com/blogs/floor-action/house/205085-dems-propose-reasonable-profits-board-to-regulate-oil-company-profits


Once again the Dem's are attempting to drive industry away from our borders and force more and more jobs to go away....I guess they want us to live in tents and caves.......



FYI
America’s oil and natural gas industry supports 9.2 million jobs throughout the economy and 7.5 percent of our GDP. Our industry provides higher-than-average wages and helps ensure our nation’s energy security. In the process, the industry generates tax revenues from operations and sales of products that contribute billions every year to federal, state and local governments.

 

 

Dude, they want us to live in refrigerator boxes (or government owned housing), on food stamp and medicaid cards, have a microchip in your forehead, and work at the party-operated gulags while enjoying all that freedom has to offer. No legally owned guns either.
Bend over and grit your teeth.

I'm just sick and tired of being gouged by the industry as a whole, not unlike the pharmaceutical industry, insurance industry, and so many others.

What happened to anti-trust laws already on the books.

At the retail level when gas goes up or down just because of a news story about the middle east?
This is caused by speculators and the stock market, and has nothing to do with supply and demand, it's manipulation.

What's wrong with that picture?

I'm not familiar with the legislation but I do know the consumer is paying the taxes and corporations get the loop holes and incentives.

I don't think a little protection from price gouging would hurt any of these industries, they all get away with murder, because the biggest crime of all is they own our politicians.

It's all an illusion in my opinion in an election year.