Business

Six House Dems Back ‘Reasonable Profits Board’ for Gas Profits

Six House Democrats, led by Rep. Dennis Kucinich (D-OH), are moving to create 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,” writes Pete Kasperowicz of The Hill.

“The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.”

Is that surprising?

Kasperowicz explains how it would work:

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.

Translation: the president would hand pick who he wants to decide what constitutes a “reasonable profit.” No congressional oversight. No voting.

The bill makes sure to exclude industry representatives from the board, as it says members “shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board.”

According to the bill, a windfall tax of 50 percent would be applied when the “sale of oil or gas leads to a profit of between 100 percent and 102 percent of a reasonable profit.”

“The windfall tax would jump to 75 percent when the profit is between 102 and 105 percent of a reasonable profit, and above that, the windfall tax would be 100 percent,” the report says.

Of course, and to no one’s surprise, the bill also states that the oil-and-gas companies, as the seller, must pay this tax.

But here’s the clincher: Rep. Kucinich said these tax revenues would be used to “fund alternative transportation programs when oil-and-gas prices spike.”

“Gas prices continue to rise, creating a hardship for the American people,” Kucinich said. “At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives.”

Specifically, he said the money would be used to fund a tax credit on the purchase of fuel-efficient cars and set up a grant program for mass transit programs when oil-and-gas prices are high.

Oddly enough, the bill does not estimate the size of these grants or the amount of revenues that might be collected through the tax.

Co-sponsoring the bill are five other Democrats:

  • Rep. John Conyers Jr. (MI)
  • Rep. Bob Filner (CA)
  • Rep. Marcia Fudge (OH)
  • Rep. Jim Langevin (RI)
  • Rep. Lynn Woolsey (CA)

Comments (181)

1 2 3 ... 5
  • oriondma05
    Posted on January 20, 2012 at 2:02pm

    People always attack the oil industry. Have you ever tried to return a gallon of gas? No.. Because our product always works. If you think the price is too high, then you don’t need to be using it.

    Report Post » oriondma05  
    • Bowlz
      Posted on January 20, 2012 at 3:09pm

      How about controlling/making illegal: 1. Insider trading for congress; 2. lifetime politicians; 3. special treatment/protections/benefits that congress gets? Get rid of the golf courses and all the $16 muffins. Better yet, make every member of congress live in their communities so they have to face those they represent on a regular basis, instead of hiding out in DC with all of the lobbiest. That would save a heck of a lot of gas. Some duct tape might also save a lot of gas that is harmful to the whole world.

      Report Post »  
    • The_Jerk
      Posted on January 20, 2012 at 3:16pm

      I wouldn’t get cocky. Oil is a natural resource, and if you guys get too out of hand it could be nationalized or treated more like water.

      Report Post »  
    • Detroit paperboy
      Posted on January 20, 2012 at 3:33pm

      Hey Kucinich, gas prices are rising as planned by your Marxist boss…. When he is defeated, which he will be..gas prices will drop in half.. Just watch, nobody wants your Chevy Volt Bro…

      Report Post »  
    • Nehemiah6.3
      Posted on January 20, 2012 at 4:08pm

      When will people call a spade a spade? Our freedom is being taken one law at a time. The constitution is not being followed any more by the congress and especially the constitution destroyer in chief. But, i must remember that the government is only a refection of the people. If we won’t stand up, then we will be walked on.

      Report Post » Nehemiah6.3  
    • dnewton
      Posted on January 20, 2012 at 4:59pm

      Controlling profits is not needed if there is competition and the freedom to compete. Competition makes profits more and more reasonable over time because the freedom to select from many vendors generates adversity to the one with the highest price for the product value. It is not a perfect system because it is a little slow to react but over time it is relentless and needs no government intervention to work. Over controlling prices will eventually lead to shortages. It always does. The examples are legion and go back hundreds of years. But if you want to see how this is all going to end, just try to remember the last time you bought popcorn at the theater. No competition, and you are not allowed to bring your own supply. What historic example of beneficial government control of prices exists? We can’t even suggest they move there because it never was.

      Report Post »  
    • michael48
      Posted on January 20, 2012 at 5:27pm

      well jerk , you’re buying…so I guess we could always watch the dem-wits hire the solandra crowd to explore , drill and produce oil…he!! gas would be far more reasonable…probably come right down to $9.00 a gal. that’s the lib-nomics 101 accounting method..(unemploment is good for jobs, thingy ya know)

      Report Post »  
    • sWampy
      Posted on January 20, 2012 at 6:54pm

      Jesus oil is above $20 a barrel because of government regulations/restrictions/insider trading, the higher oil sells for, the more the oil companies make, get the government out, let the markets work. Do liberals never learn anything. Everyone was shouting, the cigarette companies would go out of business when they added a $2 a pack tax on smokes, the companies raised prices $4 a pack, and are now making $2.50 a pack, instead of making the fifty cents they made before. The same thing will happen in gas, double the tax, they will quadruple the price, the only people that will get richer are the oil companies.

      Report Post »  
    • DisillusionedDaily
      Posted on January 20, 2012 at 7:33pm

      @ thejerk
      This seems to be the first step towards nationalization. But I digress……

      Why are the members to be appointed by the president? Since Obama is against all forms of carbon based uel, (unless he controls it!), it seems to me to be the first step in killing the oil, gas and coal industries. His appointees will be inclined to comply with Obama’s thinking and soon any profit higher than ten cents a gallon will be considered beyond reasonable. This is just another attempt to establish control over everything that could possibly be beneficial to Americans! This seems to be an idea right out of Atlas Shrugged!

      Report Post » DisillusionedDaily  
    • nzkiwi
      Posted on January 21, 2012 at 3:26am

      The point is that this is communism. Not nearly communist. Not socialism. Not stealing freedom.

      Communism.

      Report Post »  
    • nzkiwi
      Posted on January 21, 2012 at 3:28am

      Why on earth, in America of all places, is this even being suggested, let alone seriously discussed?

      Report Post »  
    • BreeZee
      Posted on January 21, 2012 at 8:14am

      Every AMERICAN should be SCREAMING NO to their Senators and Reps!!!!! If you didn’t believe the left are socialist this confirms it!!! (read Atlas Shrugged…Ayn Rand was way ahead of her time)

      It’s about time for a second revolution in this country. As Pres. Barry said ” clinging to their God, Bibles and Guns”, you know, the three things the left want to take from us.

      Report Post »  
    • anunyapete
      Posted on January 21, 2012 at 10:39am

      hat’s right…

      The people from Congress, responsible for running the national debt past the $16 trillion dollar mark, are planning on setting limits on how much “reasonable profit” private companies can make.

      Now, maybe it’s just me, but should these $16+ TRILLION debtors be taking LESSONS from profitable companies on how to balance a budget and eliminate waste…???

      But, what do I know… I never held down a job as a community organizer…

      Report Post »  
    • ssbstspd
      Posted on January 21, 2012 at 1:43pm

      It is not about price. it is about control.

      Report Post » ssbstspd  
    • Dadius3
      Posted on January 21, 2012 at 11:45pm

      This is just plain scary. Congress should NOT be regulating profits. Nor should it be promoting businesses for political gain. That is as anti-American as it gets. This bill was introduced for emotional, not economical reasons. “See, we’re striking back at the big bad oil companies who want to profit from your pain”. While I’m scared and angry at the prospect of $5.00+ at the pump, windfall taxes are not the answer, and will not keep prices down. In fact, in order to gain any revenue from this tax, the prices must, by definition, remain unreasonably high. Instead, congress should be fighting to approve the Keystone pipeline, hydro-fracking, and other sources of oil and natural gas. If you took notice, oil prices rose dramatically at Iran‘s mere mention of it’s desire to close the strait through which most of the middle east’s oil must pass. If congress would announce it’s intention to increase domestic supply, speculators-the real culprits- would have no choice but to lower the price. Not to mention the thousands of new jobs-good paying jobs- that would be created.

      Report Post »  
    • Jim in Houston
      Posted on January 22, 2012 at 4:27pm

      These are all O‘Blamer’s commie boys. Have you all seen O‘Blamer’s Columbia University Student ID Card? It says: BARRY SOETORO, FOREIGN STUDENT.

      Report Post »  
    • BuckeyeDuck
      Posted on January 28, 2012 at 12:40am

      @Dadius3

      Don’t blame speculators either. There are strong arguments that they provide a valuable service to dampen wild swings in the supply/demand curve. By anticipating supply or demand changes (such as a mid-east supply disruption), the price changes can get ahead of the potential disruption and dampen the demand. This would end up having a calming effect on prices by not allowing a full blown shortage to occur. The last thing we would want is everyone rushing out to buy up all the gas because they heard about a potential disruption before the prices could react.

      But I digress… A “Reasonable Profits Board” would do nothing but devastate the middle class that Obama supposedly wants to champion… Price controls ALWAYS cause shortages, rationing, and extreme price inflation… But that is obviously what they want. They are not as stupid as they sound…

      Report Post »  
  • Scottscobig
    Posted on January 20, 2012 at 2:02pm

    Here’s a quote from the blaze author of this article, “No congressional oversight. No voting.”

    And that’s why the blaze and Glenn are anti-Paulista and therefore, anti-constitution.

    YES. It would be worse for unelected, prez-appointees to have this power. But that doesn’t mean it would be reasonable if only it had congressional oversight and voting!

    Look. The government is just a bunch of (I would argue below-) average people. They’re just individual Americans. Yet we’ve somehow placed them on a pedestal; above the law or constitution.

    They’re just a bunch of dudes! If some dude walks up to you and says you’re overpaid, points a gun at you and takes whatever he views as your largess, is he right?

    Now, let’s change the scenario just a bit. Lets say several dudes take a vote and collectively decide you’re overpaid, they send a dude over who points a gun at you and takes what they decided is your excess income, are they right? What if you elected said body of dudes; does that give them the right to forcibly deprive you of your private property?

    It’s easy to suspend reason and give into covetousness (the desire for the unearned, see commandment #10) and say someone, who has more than you, has too much and to allow it to be taken from him. But what will you do when the other 90% of the earth’s inhabitants, who have less than you, come and rob you?

    Is this America or not? Will it continue to be?

    Report Post »  
    • Kankokage
      Posted on January 20, 2012 at 2:08pm

      If America was a democracy, then yes the mob could vote and take the money by force. However, this is a republic governed by law (well, it used to be). The mob is withheld by the law of the land, i.e. the Constitution, the Bill of Rights, and the Declaration of Independence. Creating a body with no oversight and no accountability, especially when said body can, through use of force, confiscate the possessions of others based on the whims of said body…that is simply evil. That is what starts revolutions.

      Report Post » Kankokage  
    • smokeysmoke
      Posted on January 20, 2012 at 2:18pm

      yes yes let us have some anti dog eat dog BS, and have the ggovernment determening who can and cannot produce based on the will of UNELECTED BEAUROCRATS… who can now say… WE CAN MAKE A BOARD THAT CAN TELL YOU HOW MUCH YOU ARE ALOWED TO MAKE…

      Report Post » smokeysmoke  
    • dcamp3376
      Posted on January 20, 2012 at 2:49pm

      Rep. John Conyers Jr. (MI)
      Rep. Bob Filner (CA)
      Rep. Marcia Fudge (OH)
      Rep. Jim Langevin (RI)
      Rep. Lynn Woolsey (CA)
      and Kucinich
      THROW THESE BUMS OUT!!!!! They can’t even read the constitution let alone understand its meaning.

      Report Post »  
    • rdietz7
      Posted on January 20, 2012 at 3:48pm

      What’s up KAnKO??

      Report Post » rdietz7  
    • hidden_lion
      Posted on January 20, 2012 at 4:30pm

      Kifeb-
      Obama is already slashing the military. What we need is to be on strong footing and secure in our borders. You can’t project power without a solid base. They are pushing the Iran thing to keep you in fear. We have no way to pay for a war with Iran. It is a fact.

      Report Post » hidden_lion  
    • Rob in Katy
      Posted on January 20, 2012 at 5:48pm

      @dcamp3376
      if those that were taking the bribes (SS – unearned,Welfare, foodstamps, Earned Income Tax Credit) were not allowed to vote (for these commies), I am pretty sure that we would not be having this discussion. I know, never going to happen because it would be racist. But at one time, you had to have some skin the the USA game to vote, then we fixed it…I just don’t think that it is working out so well.

      –The problems we face today are there because the people who work for a living are outnumbered by those who vote for a living

      Report Post »  
  • cmsdrizzt
    Posted on January 20, 2012 at 2:02pm

    Want to see a real gas shortage? Just let this take effect. Producers will produce a low volume of gas and receive the same profit as if they produced a huge volume. This defies all reason. If I am going to be limited on my profit I am going to limit how much I work.

    Report Post » cmsdrizzt  
    • Kankokage
      Posted on January 20, 2012 at 2:12pm

      “If I am going to be limited on my profit I am going to limit how much I work.”

      EXACTLY.

      Report Post » Kankokage  
    • sWampy
      Posted on January 20, 2012 at 6:57pm

      No, they will just raise their price, they don’t care what the tax is, they don’t pay it, consumers do, consumers can’t live without gas. You can’t go to work, farmers can’t grow food, food can’t get to the stores. This will just increase prices, make oil companies and those that own stock, mostly rich democrats lots, and lots of money, while the rest of us devolve into 3rd world status.

      Report Post »  
  • THX-1138
    Posted on January 20, 2012 at 1:59pm

    America is Over.

    Report Post » THX-1138  
    • GERATMO
      Posted on January 20, 2012 at 5:30pm

      Thank you for that well thought out comment. Your right though if Obama gets reelected.

      Report Post » GERATMO  
  • larrylarrylarry
    Posted on January 20, 2012 at 1:59pm

    Lifeguards are making $100,000+ and have pensions of equal amount due to democrats, what’s reasonable about that?

    Report Post »  
  • puppyandkitty
    Posted on January 20, 2012 at 1:57pm

    Who is John Galt?

    Report Post »  
    • @leftfighter
      Posted on January 20, 2012 at 2:03pm

      This is directly out of Atlas Shrugged.

      I mean, it‘s like Ayn Rand saw today’s headlines.

      Report Post » @leftfighter  
    • exfarmer98
      Posted on January 20, 2012 at 2:28pm

      That movie was disturbing to me.. it was made for modern times, but entirely resembles what may happen very soon with bobo in charge or when an overbearing government takes away the right for happyness…. er I mean property.

      Report Post »  
    • I.Gaspar
      Posted on January 20, 2012 at 3:15pm

      I read Atlas Shrugged this summer for the 4th time since the 70′s.
      This time, except for the technology and the cigarettes, it was as if I were reading today’s news.
      These a-holes are almost right out of the book….“reasonable profits board”. It may be too late, but
      VOTE THEM ALL OUT…At every level!!!

      Report Post »  
    • EchoHawk
      Posted on January 20, 2012 at 4:02pm

      There are and have been for many years laws against price gouging, incidents have only been investigated, fine the abusers so I know where to by gas.

      Report Post »  
    • Therightsofbilly
      Posted on January 20, 2012 at 4:08pm

      Yes, vote them out, and then the FIRST order of business must be TERM LIMITS.

      SHORT term limits.

      Report Post » Therightsofbilly  
    • I.Gaspar
      Posted on January 20, 2012 at 4:14pm

      RIGHTSOFBILLY:
      With the jokers we have these days, the maximum terms should be about two weeks.

      Report Post »  
    • crazyrightwingmom
      Posted on January 20, 2012 at 4:38pm

      Introduced to Ayn Rand when in college, (in the 60′s…yes I’m old!), it changed my whole life and how I looked at our country. Every student should read it. My kids also follow her teachings. It makes you aware of the robbers.

      Report Post »  
    • Balrog28
      Posted on January 21, 2012 at 2:55am

      Looting a Dying nation – afraid to say. I will still choose to be a producer, but going Galt is looking more and more an option. Any farmland left to purchase in IL?

      Report Post » Balrog28  
  • drphil69
    Posted on January 20, 2012 at 1:56pm

    They left it at “reasonable” profits because they don’t believe ANY profit is reasonable.

    They will define a reasonable profit at 0.01%. The windfall tax will kick in at 0.02%. The penalty will be 1000%. All oil companies’ assets will be confiscated by the state. Oil prices will skyrocket as the bumbling idiots in Washington try to figure out how to “equitably distribute” the oil.

    Happening in Venezuela right now. Think it can’t happen here? Then don’t prepare. We won’t need you to clean up the mess afterward, just to be out of the way. Starvation is a hell of a way to die.

    Report Post »  
    • GERATMO
      Posted on January 20, 2012 at 5:40pm

      Agree. Anytime the gov gets involved they start a new Board or Panel to fix the previous mess they made. This could start with a 3 person board and end with hundreds of people all sucking the profits out of something they never should have been involved in in the first place. Government should not interfere with the private sector.

      Report Post » GERATMO  
  • COFemale
    Posted on January 20, 2012 at 1:52pm

    Why do Democrats think the money the oil and gas industry make is theirs? If we are going to tax access profits on oil and gas, lets not stop there.

    Hollywood movies which profit at the same percentage over a reasonable profit gets taxed also.
    Insurance companies which profit at the same percentage over a reasonable profit gets taxed also.
    Banks which have profits over the required amount to maintain solvency also get taxed.

    And last but not least, for every tax the oil and gas companies pay above a reasonable profit, the government must reduce spending that equivalent amount. So if the government collects 500 billion, they must eliminate that much in spending.
    In addition for every green venture that does produce a profit, the government must reduce additional spending by that amount.

    I mean if we want to make this fair across the board we need to apply the same law to Democrat sponsored businesses.

    This is emphatic NO, BUT HELL NO answer from me.

    Report Post » COFemale  
  • ynotindependent
    Posted on January 20, 2012 at 1:50pm

    hate to speculate…but it kinda makes me wonder….is this why the POTUS decided against the Keystone pipeline…knowing that Canada (our biggest oil partner) would seek to “diversify” and ship the oil elsewhere, which in turn would impact gas prices (low supply/high demand = higher prices), so the “reasonable profit board” could then deem Big Oil as the boogie monster, rape their earnings and give it out in the form of additional “grants” (read entitlements).

    Report Post »  
    • GERATMO
      Posted on January 20, 2012 at 5:57pm

      Good observation but I think its all about his green agenda. Its all about us evil conservatives who want to destroy the earth with dirty air and dirty water. The only problem is you cant force technology or green energy on any economy. When we are ready for it or when its efficient and cost effective, we will transition toward it. The Obama Government thinks that if you throw billions of dollars at green energy that we will go down that road. The problem is that government doesn’t determine the markets, demand determines the markets.

      Report Post » GERATMO  
  • Brainmuffin
    Posted on January 20, 2012 at 1:48pm

    What is the typical profit on a gallon of gas? 2-3 cents?

    Report Post »  
    • Black Midge
      Posted on January 20, 2012 at 2:45pm

      I heard the other day that the typical profit per gallon of gas is 4% and the average tax on the same gallon is 15% so my question is will big oils profit be observed pre tax, if this board comes to life you can say good bye to any and all of big oils philanthropic endeavors, PBS, Scholarships, medical and green energy research all will be scaled way back. And Obama wonders why big oil hates him so much,
      Da Bro Gotta Go !!!

      Report Post » Black Midge  
    • 13th Imam
      Posted on January 20, 2012 at 3:02pm

      Midge
      The true stats are

      The Federal Tax per Gallon is 18.4 cents , everywhere

      Each state has their own , but in CT our state takes 40.9 cents per gallon from Taxpayers pockets

      Next time when you go to the pump, figure out who is really screwing you. The Oil Co’s who employ people and actually do the work. Or Barack O, who has never had a real job, started a company, met a private payroll, Let go over the figures again

      Fed Tax Per Gallon 18.4

      CT Tax Per Gallon 40.9

      Oil Co. Profit 2-3 PER GALLON

      Report Post » 13th Imam  
    • 13th Imam
      Posted on January 20, 2012 at 3:11pm

      OIL COMPANY’S Profit 2-3 Cents Per Gallon, Sorry

      Report Post » 13th Imam  
    • TomFerrari
      Posted on January 20, 2012 at 3:26pm

      What is the profit margin on an iPad? An iPhone?
      The PROFIT is not what causes the price to be so high.
      It is a LACK OF COMPETITIVE PRESSURES!!!
      OPEC gets to decide the price, because we don’t produce our own oil !
      If we produce enough of our own,, who CARES what opec does to their prices?
      (okay, technically, we still care because other countries still get gouged, and other countries make all our “stuff” so it causes higher prices… though that might not be a bad thing – if we had cheap energy, and other countries were getting stiffed, we might build more stuff here.)
      Anyway, it is the CLOSING OF THE GULF, the DENIAL OF OIL LEASES, the REFUSAL to build EXCEL PIPELINE, the absolute HATRED for oil and…
      let me be really clear on this…
      OIL AND OTHER

      NATURAL

      fuels !

      That is what drives up the prices. Cheap energy = cheaper prices on EVERYTHING!
      EVERYTHING you buy, everything you consume, requires ENERGY.
      High energy = high electricity, high food, high housing, high clothing, high tuition, high telephone, high TV, high insurance, high healthcare… you name it !

      Oh, and it means LOW WAGES !!
      If your boss has to pay more for gas for the company vehicles, more for lumber, or fabric, or paper…
      He has less profit to share with you in the form of wages.
      Which also means FEWER JOBS !!

      The brain of the socialist democrat is a bizarre and mysterious place, to be certain.

      Report Post » TomFerrari  
  • LogicalMetaphysician
    Posted on January 20, 2012 at 1:46pm

    So it turns out that Ayn Rand and George Orwell were optimists…

    Report Post » LogicalMetaphysician  
    • Buck Shane
      Posted on January 20, 2012 at 1:55pm

      This is a tax on the oil company’s stockholders

      Report Post » Buck Shane  
    • A Doctors Labor Is Not My Right
      Posted on January 20, 2012 at 1:59pm

      ““Gas prices continue to rise, creating a hardship for the American people,” Kucinich said. “At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives.”’

      There’s no such thing as “excess profits” – all that is traded for oil in a free market is voluntary, such that what is received in trade rightfully belongs to the receiver. Further, no one would voluntarily trade anything if they didn’t think they were getting something of MORE value to them – that’s WHY people trade in the first place.

      As for oil companies making “record profits”, Kucinich is confusing the number of dollars gained with the amount of wealth traded; Kucinich’s Progressive policies are the REASON that gas costs so much in terms of dollars, because oil is pegged to the dollar which keeps being inflated by Progressives in both parties.

      And since people who are on a fixed income suffer the most when the currency is inflated, these are the people who are getting shafted at the pump.

      There is nothing that government can do to help the economy. Return to a precious metal currency, and the purchasing power of the currency will increase for everyone.

      Report Post »  
    • Therightsofbilly
      Posted on January 20, 2012 at 2:01pm

      I’m sure that JZS is busy composing a crafty response to this story as I speak.

      It’ll be worth the wait.

      Report Post » Therightsofbilly  
    • Joshua7
      Posted on January 20, 2012 at 2:42pm

      Lol, sadly, it seems so.

      Report Post » Joshua7  
  • ares338
    Posted on January 20, 2012 at 1:45pm

    Here we go again…..control…control…control! These people have to go!

    Report Post » ares338  
    • ZeldaZick
      Posted on January 20, 2012 at 1:50pm

      But they won’t. My family has been fighting them since the 1930′s and they just keep coming, and they are winning.

      Report Post »  
  • ZeldaZick
    Posted on January 20, 2012 at 1:45pm

    Marx wrote that the “working class” was just too dumb to stop being exploited by those evil greedy land/business men who provided jobs, food, homes ect. So ONLY the enlightened few, should have the power, and thus usher in that wonder state of being know as……COMMUNISIM!
    Funny thing, an all powerful poliical job would be most appealing to a total complete Egomaniac like Obozo. Narcisistic Personality Disorder I think they call it.
    Maybe next these fine members of the politburo…er Congress, will tell me what I can plant in next Spring’s garden?

    Report Post »  
  • Kankokage
    Posted on January 20, 2012 at 1:44pm

    Great. Just great. Never mind that, strange as it may seem, oil and gas companies have virtually no control over the price of crude oil. No, we want to STICK IT to these companies that make modern life possible and enable the comforts the masses enjoy. YEAH! Now, we know that the oil and gas companies make a surprisingly small profit margin compared to, say, Apple, Pharmaceuticals, clothiers, foodservice, etc…but as long as we are super secretive about it, maybe the masses won’t find out. Then, and only then, can we wage our secret war against oil and coal to prop up our utopian ideal (i.e. utopian power grab).

    Report Post » Kankokage  
  • academica2020
    Posted on January 20, 2012 at 1:43pm

    Did these congressman just come back from an Occupy Wall Street rally? I agree with earlier comments that this is just what Ayn Rand warned us about in “Atlas Shrugged.” Good luck finding this on any MSM websites or news reports! The term “creeping socialism” has been around for decades, but it is now happening before our very eyes and we better speak up before capitalism becomes a term found in ancient history museums.

    Report Post » academica2020  
  • TH30PH1LUS
    Posted on January 20, 2012 at 1:41pm

    What more evidence do you need that Communist principles are in operation here in America?

    Report Post » TH30PH1LUS  
    • AvengerK
      Posted on January 20, 2012 at 1:44pm

      Let’s digest this a moment….a cadre of American officials is actually trying to pass legislation that tells private enterprises how much money they’re allowed to make. Statism at it’s ugliest.

      Report Post »  
    • JRook
      Posted on January 20, 2012 at 1:52pm

      So by your comment you are in favor of OPEC and oil company behavior that inhibits a free market with in terms of real supply and demand determining price. People cry about the supposed limitation of drilling but forget to mention the 200 plus approved permits that the oil companies have not acted on. In my view the pipeline should only have been approved under an agreement that the oil would be used to increase the amount of oil and gas available in the US market by 20%. Thus driving down the price to $2 a gallon or less. Gas prices are another example of where the wealthy, large corporations and the government line up against the citizenry. Extreme profits and tax revenues drive the market more so than what would be the real supply and demand. Isn’t it interesting that when the supply of crude goes up the oil industry responds by saying there is limited refinery capacity. So yes I am in favor of opening up all reserves and having the government provide grants to build 3 more refineries in order to drive the price down to where the price reflects true demand and a reasonable ROI is made.

      Report Post »  
    • 13th Imam
      Posted on January 20, 2012 at 2:02pm

      JCrooks ears must have been spewing forth mucho steam trying to twist and turn thru the DEMOCRAT spin the points maze. I could hear the whistle from here. you are a piece of work.

      Report Post » 13th Imam  
    • maccow
      Posted on January 20, 2012 at 2:10pm

      @Jrook
      If you would have just tossed in how the Jews are behind it all then your cool aid glass would be completely empty. When you use the term “Extreme profits” and speak of government solutions, you are drinking the progressive cool aid. What good are 200 grants when it is intentionally cost prohibitive through regulations to bring what may or may not be in the ground to market. Due to regulations we haven’t built a new refinery in 30+ years so yes capacity is probably inhibited.

      But not to worry, the progressive mind tricks aren’t working on you.

      Report Post » maccow  
    • Buck Shane
      Posted on January 20, 2012 at 2:21pm

      @ AvengerK

      Right.
      When the government controls an industry, it is pure Fascism.

      Report Post » Buck Shane  
    • AvengerK
      Posted on January 20, 2012 at 2:48pm

      “Extreme profits”…lol..is that like “Extreme sports”?

      Report Post »  
    • AvengerK
      Posted on January 20, 2012 at 3:08pm

      Let’s look at how the Obama administration manages our oil industry….After five years and $4 billion Shell was forced to abandon it’s efforts to drill off the coast of Alaska. The EPA (led by an Obama appointee) withheld necessary air permits because of a one square mile village of 245 people, 70 miles from the off-shore drilling site. Another example? Sure…In December 2009 Obama’s administration granted Shell leases to drill in the Chukchi sea off Alaska. Green groups stalled it in the enviro-friendly 9th Circuit Court of Appeals. But here’s the kicker…March 2010 comes around and lo and behold…Obama’s administration halts future sales of leases in the Chuckchi sea. While feignign to open leases in other areas that actually offer less oil. What Obama does is put on a show that he’s doing the right thing, while his appointees and footsoldiers in other agencies and lobbies stall or end the permits and leases. Can anyone on these boards cite just one example of Obama speaking against the EPA or Green groups to allow the leases and permits to go through? Anyone? Beuller? Then we’ve got Keystone XL to add to the picture….

      Report Post »  
  • Athinkerinaseaoflibs
    Posted on January 20, 2012 at 1:38pm

    Another Panel that is answerable to no except the people they are beholding to that anointed them to the position in the first place. When are people going to realize that oil companies make a very small profit when you consider Return on Sales and the Gubment makes typically 5-10X as the oil companies make. Only difference is that the Oil companies take all the risk financially, legally and environmentally.

    Report Post »  
  • drphil69
    Posted on January 20, 2012 at 1:35pm

    This is straight out of Ayn Rand’s “Atlas Shrugged.”

    It is time for the wealth producers of this country to go on STRIKE!

    Once all the libs starve to death or kill each other, we can start fresh.

    Report Post »  
  • SHOESHINEBOY
    Posted on January 20, 2012 at 1:31pm

    •Comrade Czar. John Conyers Jr. (MI)
    •Comrade Czar. Bob Filner (CA)
    •Comrade Czar. Marcia Fudge (OH)
    •Comrade Czar. Jim Langevin (RI)
    •Comrade Czar. Lynn Woolsey (CA)
    •Comrade Czar Dennis Kucinich
    All of the Communists supporting this

    Report Post »  
    • dnewton
      Posted on January 20, 2012 at 5:03pm

      Does anyone want to bet a cup of coffee that Bernie Sanders will be a sponsor in the Senate?

      Report Post »  
  • kentuckypatriot
    Posted on January 20, 2012 at 1:31pm

    I saw this on Drudge this AM. What a crock. So, if it’s OK to have a panel on oil profits, is it then OK to have a panel to monitor Hollywood, pro atheletes, etc? oh wait, they had a panel to monitor profits for bank CEO’s. What happened to that??

    Report Post » kentuckypatriot  
    • encinom
      Posted on January 20, 2012 at 1:35pm

      Giventhat the leading cause of the spike in oil prices is market speculation, I say go after the speculator’s pocketbooks.

      Report Post »  
    • Lord_Frostwind
      Posted on January 20, 2012 at 2:26pm

      The best question about all of this, they say that it has to be based on “Reasonable Profits.“ Based on how easy it is to get a straight answer out of democrats on what a ”Fair Share of Taxes” should be, we can all tell exactly where this is going to lead. I think it‘s time to go finding my own Galt’s Gulch and hightail it.

      “Who is John Galt?” I am John Galt.

      Report Post » Lord_Frostwind  
    • Jim in Houston
      Posted on January 21, 2012 at 9:04pm

      encinom: Take your liberal @ss and crawl back under your rock!

      Report Post »  
  • TomFerrari
    Posted on January 20, 2012 at 1:29pm

    Great idea !

    We can use POLICY to become dictators, instead of having to go through Congress and debate in public. The President can simply order his goons – er, cabinet, to institute any policy he wants, effectively becoming a DICTATOR.

    Yep, sounds like a winner!

    Oh, and then there is a little thing called a FREE MARKET…
    Of course the Marxist, Socialist Democrat party has completely given up on Capitalism, and instead,
    is pushing for outright Communism, or at minimum, Socialism.
    Newsflash… Capitalism only works with a FREE MARKET – you can’t keep picking winners and losers and expect captial to invest in the markets and an economy to flourish. Not gonna happen. I’m supposed to invest my hard-earned money, only to have the socialist sweep in and declare the energy-source-du-jour, wiping out my investment? All so their buddy with a new snail-energy can get billions in funding to research snail energy? (and donate big bucks to those who killed my investment and taxed me to give my money to the snail energy guy?)

    NO THANK YOU !!!

    Or, to put it another way…

    WHEN HELL FREEZES OVER !

    It takes a greenie like ManBearPig algore to think that HIGH ENERGY PRICES are a good thing.
    Energy contributes to EVERYTHING we consume, so EVERYTHING costs more when engergy costs more. Maybe would-be politicians should take ECON-101 before running for office.

    Report Post » TomFerrari  
  • SHOESHINEBOY
    Posted on January 20, 2012 at 1:29pm

    Who is John Galt?
    This is right out of the book….wow..only a Communist (formally known as Democrat), would support this….

    Report Post »  
  • 13th Imam
    Posted on January 20, 2012 at 1:27pm

    Oh it’s Denny, He’s a Partyline following Good Ole Boy DEMOCRAT. who helped give you Obamacare, , the TSA, the end of NASA, and worst of all, the exportation to China of the Tin Foil Hat Industry.

    Report Post » 13th Imam  
  • taxed
    Posted on January 20, 2012 at 1:25pm

    I thought Kucinich’s seat was being eliminated? This is the core of liberal versus conservative. Liberals have no clue about how stuff works, and are set to destroy it.

    http://conservativepoliticalforum.com

    Report Post »  
  • paulusmaximus
    Posted on January 20, 2012 at 1:25pm

    These people are trying to destroy the USA and because it’s billed as something to help us the majority will agree with it and when it backfires they will blame conservatives.

    Report Post » paulusmaximus  
    • GaryInTheMiddle
      Posted on January 20, 2012 at 1:37pm

      “Six House Dems Back ‘Reasonable Profits Board’ for Gas Profits”

      Of course they do. Duh!

      Report Post » GaryInTheMiddle  
1 2 3 ... 5

Sign In To Post Comments! Sign In

Sign Up For Our Newsletter!

Glenn Beck Radio

Listen to Glenn Beck 24/7 Listen Now
Restoring Love