its a good thing we have some reasonable people in the senate. 2 reasons this bill was a bad idea
1. taxing corporations doesn't work. the tax would have been passed on to the consumer in the form of a price hike.
2. oil companies aren't making the huge profits people think they are. look at their profit margins versus any other industry
(it is under basic materials). the guys drilling are making pretty good money, but that is VERY dangerous work. the actual oil co's are making 4 or 5 percent. oil companies are making less per gallon than our government with the currently existing taxes.
this "lets raise taxes to lower prices" concept just boggles the mind.
According to Department of Energy data, from 1977 to 2004, federal and state governments extracted $397 billion by taxing the profits of the largest oil companies and an additional $1.1 trillion in taxes at the pump—that's nearly three times what the oil industry made in profits over that same period.
Edited by Reaper527, 11 June 2008 - 08:04 PM.