October 25, 2005

ALL MAJORITY PARTIES ARE POPULIST:

GOP to target Big Oil profits (Stephen Dinan, October 25, 2005, THE WASHINGTON TIMES)

House Republicans, worried about political fallout from the high-profit figures that oil companies are expected to release later this week, will demand that companies pour those profits into refining more oil for the U.S. market in order to lower prices.

At a press conference today, Republicans led by House Speaker J. Dennis Hastert will tell the companies to explain why they are making so much money and what they will do to bring down the cost of gasoline.

"Big Oil needs to do its part. Increasing capacity and improving refineries will do much to boost supplies so that consumers do not feel such a big pinch," Mr. Hastert said in prepared remarks obtained last night by The Washington Times.

"These are extraordinary times that call for extraordinary measures. We expect oil companies to do their part to help ease the pain American families are feeling from high energy prices," he said. [...]

Michael McKenna, a Republican strategist who lobbies on energy issues, said oil companies should look at Republicans' new stance "with the maximum amount of nervousness."

"The next stop on this train is legislation," he said. "We could go back and forth over whether that legislation is going to be successful, whether it can pass or not, whether it's constitutional. But if you're an oil company, do you want to spend the next six months talking about a windfall profits tax?"

There's nothing extraordinary about increasing oil consumption taxes.

Posted by Orrin Judd at October 25, 2005 6:49 AM
Comments

If the GOP is lucky the oil companies will turn around and say that they will plow that money into building new refineries to lower gas prices if Congress will get off it's butt and let them. Then the GOP can get the legislation passed.

Posted by: AWW at October 25, 2005 7:28 PM
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