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Thursday, November 17, 2005

Congress: Leave Big Oil Alone

The Senate Finance Committee has reported out a bill that would reduce recent tax cuts and increase excise taxes on oil company profits. Senators are also threatening to eliminate expensing for exploration and development costs. The full Senate will take up the measure soon. Hopefully Congress will leave big oil alone so they can continue to provide the U.S. with excellent service and reasonable prices. Let those boys drill and leave the politics inside the Beltway. Surely, they will use their recent record profits to reinvest in needed infrastructure. And profit is not a bad thing in America.

Americans already pay a flat rate of about 46 cents in taxes per gallon of gas. The federal gas tax is 18.4 cents per gallon while the average state and local tax is 27.5 cents.

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