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Dems propose 'Reasonable Profits Board' to regulate oil company profits

by , Posted to on 01/19/2012 10:41 PM | "Quote" | "Quick Reply" |

Joined: 10/27/2004
Location: ND

Dems propose 'Reasonable Profits Board' to regulate oil company profits



By Pete Kasperowicz - 01/19/12 10:20 AM ET

Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up 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. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit. 


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.


 






 





The bill would also seem 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 bill also specifies that the oil-and-gas companies, as the seller, would have to pay this tax.


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," he 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.


The bill does not estimate the size of these grants or the amount of money that might be collected through the tax. 


Co-sponsoring the bill are five other Democrats: Reps. John Conyers Jr. (Mich.), Bob Filner (Calif.), Marcia Fudge (Ohio), Jim Langevin (R.I.), and Lynn Woolsey (Calif.).

"The only enemy of guns is rust and politicians."
“You can roll manure in powered sugar but it still ain’t a jelly donut”

"The best defense against usurpatory government is an assertive citizenry."

William F. Buckley, Jr.
"Unarmed helplessness is for sheep and the French."  Ted Nugent



Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/19/2012 10:42 PM | Reply #1 | "Quote" | "Quick Reply" |

Joined: 10/27/2004
Location: ND
Great idea imso,  may as well chase the evil oil companies out of the USA then we wont have to worry about bad roads out west, too much traffic etc.  I'm sure they will be able to justify was 'reasonable' is.
"The only enemy of guns is rust and politicians."
“You can roll manure in powered sugar but it still ain’t a jelly donut”

"The best defense against usurpatory government is an assertive citizenry."

William F. Buckley, Jr.
"Unarmed helplessness is for sheep and the French."  Ted Nugent



Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 01:44 AM | Reply #2 | "Quote" | "Quick Reply" |

Joined: 05/04/2005
Location: ND
Wow. I'm speechless right now I guess...

This is a really disturbing thought process.


This is my BOOMSTICK!!!

Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 06:48 AM | Reply #3 | "Quote" | "Quick Reply" |

Joined: 05/04/2007
Location: ND
Imagine the power/influence of those on the board. Absolute corruption right out of the gates. What has it come to that this even gets proposed? Aaaarrrgggg
Democracy is two wolves and a lamb voting on what to have for lunch.
Liberty is a well-armed lamb contesting the vote.
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 06:57 AM | Reply #4 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
Problem is this isn't new and people actually support this party. I think version makes too much. I want a profit tax on them. I think Microsoft makes too much, I want a profit tax.

CNN dude just said 500,000 jobs are overseas for Apple computers. Do they think that is a coincidence? I mean, seriously? They think gas or any product will get cheaper? Well hell maybe it will because they will force businesses to leave America and use cheap labor making a product cheaper. But then what about jobs, national security, etc. And how many dollars in taxes will the government lose?

The list could go on and on. Man people hate it when others make money. I really laugh when they attack companies whose profit margin is smaller than that if a small fast foot restursunt and has a third of the risk and regulation against it.

Anyway, I was in a good mood as I wiped the sleep from my eyes.




 
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Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 06:59 AM | Reply #5 | "Quote" | "Quick Reply" |

Joined: 07/14/2003
Location: ND
Argh. I guess I need to do better proofreading after using the iPhone.




 
Kirsch's Outdoor Products | Fargo, ND | 701-261-9017 koutdoorproducts.com
Risovi Taxidermy Studio | New Rockford, ND | 701-947-2048 risovitaxidermystudio.com
Jig-em-Up Guide Service | Grand Forks, ND | 701-739-9198 jig-em-up-guide-service.com

 
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 07:02 AM | Reply #6 | "Quote" | "Quick Reply" |

Joined: 07/08/2005
Location: ND
Like most people, I'd like to see lower gas prices. But this is a reeeeeealy bad idea.
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 07:49 AM | Reply #7 | "Quote" | "Quick Reply" |

Joined: 11/21/2005
Location: ND

Why just big oil.
MDU is a public traded company listed on the NYSE they have many spin-off construction, gravel,oil drilling and many more.  MDU started out as a supplier of utility both gas and electricity this is where they made all of the capitol and have expanded into a large company.  HERE IS THE ISSUE.  MDU goes to the public service commission and says they are not making any money on the electricity so a bunch of bean counters juggle figures and then they get the rate increase.  IF their electric division isn't making money then sell off that part  this part of the company is a racket, when Bismarck expands MDU cries about that should be our area, we need that area not the REC even though the RTC was the first and has the capacity to handle it.  MDU charges a MSA , margine sharing adjustment which means that they are guaranteed six million in profit every month and if they don't make it a small charge is added on to everyones bill.  the REC are not governed by the PSC and they have a rate that they can give a rebate on the overcharge at the end of the yr.

The best democrat platform a Republican can stand on it a manure pile

drug test everyone on welfare

have an open season on molesters

Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 07:52 AM | Reply #8 | "Quote" | "Quick Reply" |

Joined: 03/23/2004
Location: ND
Why not a "Reasonable Earnings Board" for the Hollywood actors and producers or Union bosses to go along with this?  Oh that's right, they're big Democratic donors.
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 07:59 AM | Reply #9 | "Quote" | "Quick Reply" |

Joined: 02/28/2007
Location: ND
like I've said before liberalism is a mental illness.  this is just more proof of it.  And I can't imagine this would be constitutional.
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:01 AM | Reply #10 | "Quote" | "Quick Reply" |

Joined: 09/05/2008
Location: ND
Doesn't Socialism also limit/regulate the personal wealth of the people?????
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:09 AM | Reply #11 | "Quote" | "Quick Reply" |

Joined: 08/12/2003
Location: ND
 How's about a "Reasonable Medical Procedures Board" while they're at it.

Read between the lines here.  This is NOTHING more than Kucinich and 5 other dolts pissed off and jealous that they're not receiving campaign contributions and other perks from the oil companies.

IMO, a goodly share of current legislation has little or nothing to do with "We the People" and nearly everything to do with "How can I fleece donors and lobbyists in an effort to line my own pockets?"
..............THIS SPACE FOR RENT..............
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:10 AM | Reply #12 | "Quote" | "Quick Reply" |

Joined: 08/12/2003
Location: ND
 
kdm Said:
Doesn't Socialism also limit/regulate the personal wealth of the people?????

Congress Critters would be exempt of course.
..............THIS SPACE FOR RENT..............
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:16 AM | Reply #13 | "Quote" | "Quick Reply" |

Joined: 01/23/2002
Location: ND
XERO Said:
Why not a "Reasonable Earnings Board" for the Hollywood actors and producers or Union bosses to go along with this?  Oh that's right, they're big Democratic donors.

              Exactly................
Horsager Said:

Read between the lines here.  This is NOTHING more than Kucinich and 5 other dolts pissed off and jealous that they're not receiving campaign contributions and other perks from the oil companies.

IMO, a goodly share of current legislation has little or nothing to do with "We the People" and nearly everything to do with "How can I fleece donors and lobbyists in an effort to line my own pockets?"

             Yup..........
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:17 AM | Reply #14 | "Quote" | "Quick Reply" |

Joined: 10/27/2004
Location: ND
Where are fishmahn and little elvis to explain why this is a great idea? 
If I remember right Hillary Clinton basically said she would take oil company profits and fund "alternative fuel" programs.   Nothing like saying we don't like your industry and we will use your money to destroy YOU and your market share.
"The only enemy of guns is rust and politicians."
“You can roll manure in powered sugar but it still ain’t a jelly donut”

"The best defense against usurpatory government is an assertive citizenry."

William F. Buckley, Jr.
"Unarmed helplessness is for sheep and the French."  Ted Nugent



Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:18 AM | Reply #15 | "Quote" | "Quick Reply" |

Joined: 12/01/2008
Location: ND
If our old buddy Dorgan would have been reelected you can bet your butt his name would be in this article.  He was a big supporter of windfall tax.  I am wondering how the heck this would lower gas prices anyway? 

"Diligence is the mother of good luck."
Benjamin Franklin

Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:22 AM | Reply #16 | "Quote" | "Quick Reply" |

Joined: 12/01/2008
Location: ND


Here's a good one.

"Diligence is the mother of good luck."
Benjamin Franklin

Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:33 AM | Reply #17 | "Quote" | "Quick Reply" |

Joined: 04/20/2002
Location: ND
More government take over, GEEZ.,I hope people can see that,I am not a rocket scientist and I can even see it,just think what it will be like if we have 4 more years of this guys B S.
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 08:51 AM | Reply #18 | "Quote" | "Quick Reply" |

Joined: 05/04/2007
Location: ND

How about a board to oversee the insider trading these clowns can participate in while nobody else can?

These congress folks are sickening manipulative criminals, it's as simple as that!

PUKE!

Democracy is two wolves and a lamb voting on what to have for lunch.
Liberty is a well-armed lamb contesting the vote.
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 09:33 AM | Reply #19 | "Quote" | "Quick Reply" |

Joined: 12/04/2009
Location: ND
I don't know what part of "supply and demand" the liberals do not get, but lets just say we "cap" the profits of the oil company taking it out of the ground.  They will not give all there profits to the government so they stop production at that level.  So now the refiner has the oil and his profits are capped, so he cuts back production, now what he has is sold to the local gas station owner that is the last straw for the windfall profit. 
Live every day!
Re: Dems propose 'Reasonable Profits Board' to regulate oil company profits
by on 01/20/2012 10:16 AM | Reply #20 | "Quote" | "Quick Reply" |

Joined: 09/07/2010
Location: ND
If that goes through -  

R.I.P capitalism/supply and demand
My sincere thanks to all the men and women who have/are serving this great country. Freedom isn't Free.
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Posted On: 01/19/2012 10:41 PM
657 Views, 28 Comments

Tags: profits, reasonable, oil, board', dems, regulate, propose, company, 'reasonable, democrats
More Tags: Reasonable Profits Board, Dennis Kucinich, oil, oil and gas, oil-and-gas prices, Ohio, California, higher gas prices, transportation, gas leads, forward-thinking transportation alternatives, oil-and-gas, gas profits, Congress, Democrats, John Conyers Jr., Lynn Woolsey, Marcia Fudge, Bob Filner, Jim Langevin, Rhode Island, Michigan, Business_FinancePolitics
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