Dems push plan to tax oil companies' profits, send checks to Americans during Russia-Ukraine price spike!
Energy industry insiders warn plan could backfire, increase costs on consumers
Steve's '.02 cents worth' - Gas prices are high because Biden refuses to open up drilling and KeyStone Pipeline to increase supply thus lowering prices at the pump. Biden would rather use dirty oil from our enemies than help American families. Now, if that isn't bad enough his lamebrain team has decided to raise taxes on domestic oil producers further making domestic oil even harder and more expensive to use! But it doesn't stop there. He then wants to pay Americans the excess tax he collected from oil companies! Utter Communism! OBTW - did you get your Covid relief check? (and I bet some of you didn't even catch covid)
...and does this mean only people with cars get checks? Some people take the subway, or just don't own cars! Some own electric cars!Â
What do you think?Â
Rep. Ro Khanna and Sen. Sheldon Whitehouse are pushing a bill they say will help bring relief from high gas prices to Americans â as energy industry critics argue it would do the exact opposite.
The proposal, which comes as Russia's war on Ukraine delivers a shock to global energy prices, is called the "Big Oil Windfall Profits Tax." According to Khanna, D-Calif., and Whitehouse, D-R.I., the bill would levy a tax on oil barrels sold by large producers "equal to 50 percent of the difference between the current price of a barrel of oil and the pre-pandemic average price per barrel between 2015 and 2019."
The money from that tax would be sent to consumers as a quarterly rebate, according to a description of the bill, with a cutoff for single people making $75,000 or more and families making $150,000 or more.
WASHINGTON, DC - JUNE 29: Rep. Ro Khanna (D-CA) speaks at an "End Fossil Fuel" rally near the U.S. Capitol on June 29, 2021 in Washington, DC. Organized by Our Revolution, demonstrators called on Congress to take action in ending fossil fuel subsidieÂ
"This is a bill to reduce gas prices and hold Big Oil accountable. As Russiaâs invasion of Ukraine sends gas prices soaring, fossil fuel companies are raking in record profits," Khanna said. "These companies have made billions and used the profits to enrich their own shareholders while average Americans are hurting at the pump."
The tax would only affect to companies that extract over 300,000 barrels of oil per day, applying to oil extracted both domestically and worldwide, according to a press release from Khanna's office. That threshold would exempt "[s]maller companies accounting for roughly 70 percent of the domestic production⊠so oil giants like Exxon Mobil and Chevron cannot simply gouge consumers further without the threat of losing market share," it said.
"Weâve seen this script before, and we cannot allow the fossil fuel industry to once again collect a massive windfall by taking advantage of an international crisis," Whitehouse said. A press release from Whitehouse and Khanna said the increase in gas prices, "is not justified by increases in the cost of domestic production, but is driven by international markets controlled by fossil fuel cartels."
Sen. Sheldon Whitehouse, D-R.I., speaks during the confirmation hearing for Supreme Court nominee Amy Coney Barrett before the Senate Judiciary Committee, Tuesday, Oct. 13, 2020, on Capitol Hill in Washington. (AP Photo/Patrick Semansky)
MANCHIN TO CHIEF ENERGY REGULATOR HOLDING UP NATURAL GAS PROJECTS: âDO YOUR DAMN JOBâ
Energy industry representatives, however, are pushing back against the proposal, arguing that it may have the exact opposite of its intended effect.
"Policies like a so-called windfall profits tax are misguided and would likely backfire by further driving up energy costs for American families and businesses," American Exploration and Production Council CEO Anne Bradbury said.
"We believe that the solution to rising energy prices should be clear to our nationâs leaders: support domestic production of oil and natural gas and permit the pipelines and infrastructure needed to safely move energy to customers," Bradbury added.
Oil well equipment on the Forth Berthold Indian Reservation near New Town, N.D. MHA Nation produces about a quarter of North Dakota's annual oil output. (Tyler Olson/FOX Business)
"The American people are looking for solutions, not finger pointing," American Petroleum Institute senior vice president of policy, economics and regulatory affairs Frank Macchiarola said. "The price at the pump that Americans are currently paying is a function of increased demand and lagging supply combined with the geopolitical turmoil resulting from Russiaâs aggression in Ukraine."
Macchiarola added: "Lawmakers should focus on policies that increase US supply to help mitigate the situation rather than political grandstanding that does nothing but discourage investment at a time when itâs needed the most."
Energy industry insiders and advocates at the CERAWeek by S&P Global conference in Houston last week repeatedly said the U.S. should move toward policies that encourage energy investment, in order to increase domestic production.
Sen. Lisa Murkwoski, R-Alaska, said President Biden needs to show tangible movement in that direction otherwise U.S. energy output won't increase anytime soon.
"The president needs to get up there, and not only say it, but then direct his secretary of the interior: Where's that five-year plan? Direct Secretary Granholm: Get these LNG export permits out the door," Murkowski said. "Let's move on this. So let's just not talk at an energy conference."
https://www.foxbusiness.com/politics/oil-profit-tax-khanna-whitehouse-russia-ukraine-war
Replies
Remember when we first heard about: âThe Green New Dealâ? I believe it came regurgitating out of the mouth of AOC and was immediately embraced by the likes of Bernie Sanders and Elizabeth Warren. As it turns out, the âGNDâ along with (âGlobal Warmingâ AKA âClimate Changeâ) is pure fiction. The rhetoric surrounding it is meant to program us into accepting an all out attack on the fossil fuel industry here in the USA. The democratsâ plans always attempt to create the illusion that suspending the constitution and citizensâ rights is necessary for âThe Greater Goodâ. Their planners refer to it as âgaining the moral high groundâ.
The democratsâ multi-trillion dollar legislation proposals all contain some provision to severely curtail the production of fossil fuels. When the good people of West Virginia threatened to remove Joe Manchinâs testicles if he voted for any legislation that attacked the coal industry, the democratsâ agenda hit a minor bump in the road.
Now with this ready-made crisis in Ukraine theyâve been presented with another opportunity to inflict a lasting hardship on both the oil/gas industry and the people already struggling with the effects of âBidenflationâ.
The primary purpose for attacking fossil fuels is to destroy the American economy and remove the US dollar as the global currency. The destruction of the American dollar in necessary to implement âThe Great Resetâ which requires the removal of all forms of cash and to replace it with digital currency.
Yes, and this is just the tip of the iceberg! We the People have been removed as the Government and replaced with a Neo-Confederate Oligarchy.
We are on the road to serfdom!
Hey everyone, I have a question: Is the Biden Gas Spike because Biden is installing The Green New Deal by default or is it because as America buys foreign oil, we put our dollars back in international circulation maintaining our dollar as the world preferred currency.Â
IOW - New Green Deal or Protecting our preferred currency status?
Looking through higher energy prices? Monetary policy and the green transition
Remarks by Isabel Schnabel, Member of the Executive Board of the ECB, at a panel on âClimate and the Financial Systemâ at the American Finance Association 2022 Virtual Annual Meeting
Frankfurt am Main, 8 January 2022
The world economy will have to undergo a far-reaching transformation to be able to live up to the Paris agreement to limit the increase in the global average temperature to 1.5° Celsius above pre-industrial levels.
There is no Russia Ukraine gasoline price spike. There is only the âBiden Regimeâ price spike.
The sheep must be isolated from that reality or they wonât want to go to war with Russia.
There is a lot more to the Biden-Ukraine association than just the money they shovel on him and Hunter.
The sooner we uncover ALL the FACTS, the sooner we can reserve their suite at Leavenworth.
Thomas... A Suite at Leavenworth? I'm sure many feel the "Gallows" are justified!
The gallows ends the punishment too quickly. Iâd prefer to see them spend the rest of their lives in a box.
I actually like Nancy Pelosi's Idea to Lower my Gas Prices... If Americans don't like the high price of Gas... Let them Walk!Â
So the Govt can do whatever it wants and we have to pay the price! Instead of doing something about lowering the price of gas (start drilling, open the KeyStone Pipeline etc.) Old Nancy is going to place the burden on the American people and force them to walk. Does this include our veterans with no legs?Â
So, let me get this right, a Mother with a baby doesn't like the gas prices because she can't feed her children and afford to go to work!Â
So to make matters worse, Pelosi will take away the Mothers ability to go to work by not finding a way to lower gas prices. The Mother and the baby have increased suffering because of the lack of sympathy by the ones who preach fairness and compassion for the working people. Just like the Libtards! Do it their way or the pain will increase.  đż