Consider Senate bill S.2991; currently it is on the list of things the Senate wants to discuss. From the standpoint of being able to afford food, going to the doctor, and getting to work this a a bad bill. While it is upfront in what it is all about, it will increase the cost of living nation wide. Nothing in this bill will assist common folks in their lives. What it does do is force a shift in money from those who are not making ends meet, to large corporations who don’t need it.
The provisions are in the bill are:
(1) Deny major integrated oil companies a tax deduction for income attributable to domestic production of oil, gas, or primary products thereof.
This would include all producers of vehicle fuel, as there are no minor energy producers, the minor producers all went out of business in the mid eighties. So no oil company would be given a break for using domestic oil. There is a big oil filed coming in the Dakotas and another one in east Texas. This bill would make domestic crude the same price as foreign crude, hardly an incentive to get us off the OPEC cartel nipple. The result of this provision is the permanent increase in the wholesale cost of crude oil, resulting in an increase at the pump. Not just for private vehicles but for all vehicles and you will pay more for food, doctor office visits, going to work and so on.
(2) Conform tax treatment of foreign oil and gas extraction income and foreign oil related income for purposes of the foreign tax credit.
This sounds like a good idea but there is a rock in this provision. With this provision in place Congress could make foreign oil exploration a higher cost that domestic oil exploration. Good idea, right? Wrong this provision will shut down domestic oil exploration while doing away with competition.
(3) Impose a windfall profits tax on major integrated oil.
A tax for selling a comedy? If we don’t want the oil companies to make record profits then we should have the freedom to buy less. All this does is increase the price of the pump, which affects the price of everything else, and then increases the cost of living nation wide. Oil companies will pass this tax along to the consumer because it becomes a part of the cost of doing business.
(4) Establish an Energy Independence and Security Trust Fund funded by revenues raised by the tax provisions of this Act to reduce U.S. dependence on foreign and unsustainable energy sources and reduce the risks of global warming.
Another layer of government imposed upon the American people, staffed with persons that cannot get a job doing anything else. If we want to be energery independent then lower the taxes on domestic crude oil an increase taxes on foreign crude oil.
Other provisions:
Includes the Petroleum Consumer Price Gouging Protection Act, which would make price gouging a federal crime, punishable by the Federal Trade Commission (FTC).
No retailer should be told the Congress of the United States of America, how much they can charge for what they sell. Doing so ensures that the price at the pump, even for alternative fuels, will always be high. This simply disallows for competition and increases the cost of living for every one. Poorer people get the shaft, again.
Suspending of filling the Strategic Petroleum Reserve until December 31, 2008.
This reserve needs to be a full as possible in order for our military to have the fuel that the need, to the job that they do. This provision, in fact, undercuts our national security and provides no relief at the pump for anyone.
Incorporated into this legislation is the No Oil Producing and Exporting Cartels Act of 2008 or NOPEC, which would effectively allow the United States to sue OPEC for manipulating oil prices.
OPEC has always manipulated the price of crude oil, suing them will not make the price come down. What makes the price come down is, for taxes on foreign crude to raise and then the price of domestic crude will be cheaper.
In my opinion this is a bad bill that prevents the common person form placing any money in savings or setting aside monies for retirement
Tell the original sponsor that this is a bad bill, which will hinder the economy, and your choices in fuel procurement. Freedom should be first not subsidizing a competitor to fossil fuels.
Consumer-First Energy Act of 2008Bill # S.2991
Original Sponsor:Harry Reid (D-NV)
Cosponsor Total: 25(last sponsor added 06/04/2008) 24 Democrats 1 Independents
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