Today, Democrats proposed an amendment to provide immediate relief to consumers. The amendment introduced by Senator Menendez will provide more than $6 billion in relief directly to the American people by eliminating the federal tax for both gas and diesel for 60 days. During the period of this gas tax holiday, the cost of gas will be reduced by $0.184 per gallon and the cost of diesel by $0.244 per gallon. We will pay for this tax cut by eliminating the tax breaks and giveaways to big oil.
“…Big Oil Will Pay the Price. After reporting record profits of over $100 billion last year, Big Oil is the most profitable business in the world. This amendment will provide direct relief to consumers and be fully paid for by repealing three major tax breaks that Big Oil clearly does not need and eliminating unnecessary and expensive royalty relief…”
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While I certainly don’t think this will help much, it’s hardly a solution to this problem, it will help a little bit. In many ways, as the commenters so far on Harry’s blog are saying, high gas prices are good for this country. I see their point and agree, but these high gas prices are mostly caused by corporate greed, not government taxes that are funding better highways, research into alternative energy sources, cleaning of the environment etc.
Yes, higher prices would help – they would cause more people to drive less or take a train or bus. But simply letting the likes of ExxonMobil make windfall profits while Americans and Mother Earth take the fall is just wrong in my book. Make Big Oil start footing the bill, first for 60 days and then hopefully, at least to some degree, on a permanent basis. I realize many industries get tax incentives, but what the oil industry gets in this country has gotten way out of control in my opinion.
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