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: Random Ramblings About Life and Law School

Gas prices hurt. What did your Senator do to help?

On June 10th, the Senate voted whether gas companies should pay a tax for unreasonable profits (the windfall tax) and whether Bush's enormous tax cuts for the gas companies should be reversed.

According to Excite.com:

"In addition to the proposed windfall profits tax, the Democrats' bill also would have rescinded tax breaks that are expected to save the oil companies $17 billion over the next 10 years. The money would have been used to provide tax incentives for producers of wind, solar and other alternative energy sources as well as for energy conservation.

"In an attempt to dampen oil market speculation, the legislation would require traders to put up more collateral in the energy futures markets and would provide authority to regulate U.S.-based trading in foreign markets. And it would make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency."

Sounds good, doesn't it? After all, I don't know about you, but I'm disgusted by gas companies making record profits off our backs. Too bad not enough Senators supported the idea, though, so it didn't pass. Did your Senators support it? Mine didn't.

Full post as published by Random Ramblings About Life and Law School on June 11, 2008 (boomark / email).