www.timesleader.com/news/20080429_29-KANJO_ART.html
Paul Kanjorski said it's time for America to stand up to the big oil companies and shout out, "We've had enough." Phil Pisano, owner of Phil's Sunoco Gas Station in Wilkes-Barre, meets with US Rep.
Times Leader Photo Store Kanjorski, D-Nanticoke, was in town Monday to announce his introduction of House Resolution 5800, the Consumer Reasonable Energy Price Protection Act of 2008. The bill, introduced on the House floor April 15, would allow the federal government to tax windfall oil and gas profits resulting from historically high oil and gas prices that average Americans struggle to afford, he said. The 12-term incumbent acknowledged his proposal and four similar ones in the House of Representatives don't have a chance of becoming law. "But even if we can get them through Congress, the president has already said he will veto them," Kanjorski said. People will be voting on substantive issues in this election - the economy, health care, education." Kanjorski said industries yield windfall profits when earnings exceed what a Reasonable Profits Board determines is rational, as laid out in the legislation. The proposal was referred to the Committee on Ways and Means, and to the Committee on Appropriations, for a period to be determined by House Speaker Nancy Pelosi. Speaking at Phil's Sunoco Gas Station on South Main Street, Kanjorski blasted the Bush administration, saying the more than $15 billion in tax breaks given to oil companies have "done nothing" to benefit consumers. In 2007, Kanjorski said the Big Five oil companies reported record profits, with Exxon Mobil making more than $40 billion -- the largest corporate profit in American history. In a few days, Exxon is expected to announce its net income will rise around 22 percent. A windfall tax would help discourage these industries from consistently increasing their prices, the congressman said. Kanjorski said the oil companies are not sympathetic to the plight of the American gas customers. "We're paying $120 per barrel of oil, when we used to pay $20 or $30," Kanjorski said. "And we have sent 130,000 of our sons and daughters to fight to preserve their independence. The oil countries are trying to bring America to its knees, and we can't let that happen." Kanjorski said his bill is the latest of five proposals that have passed the House of Representatives. Kanjorski said he can't understand why the oil companies can't take a lesser profit. "I'm convinced that the only way to make it affordable is to use less gas. Phil Pisano owns the Sunoco station that his father opened in 1958. He said he hasn't seen a drop off in gas sales despite the rising cost per gallon. Pisano said his dad had hoped to celebrate 50 years in the business. Thank God we have our repair business or we couldn't survive." Pisano said even though the price at the pump is higher, his profits haven't increased. While Pisano was working, Joseph and Rosemary Morrash stopped to fill up. They were returning to Pittsburgh after attending a family reunion in Wilkes-Barre over the weekend. "It's a little ridiculous," said Mr Morrash about the price of gas. "I don't mind them making a profit, but there should be a limit. Mike Doyle, D-Pittsburgh, when he returns to ask him to support Kanjorski's bill. Kanjorski's plan HR 5800 would tax industries' windfall profits. The bill would set up a Reasonable Profits Board to determine when these companies' profits are in excess, and then tax them on those windfall profits. As oil and gas companies' windfall profits increase, so would the tax rate for those companies. Kanjorski said his legislation will encourage oil companies to lower prices to prevent them from receiving higher tax rates. Bill O'Boyle, a Times Leader staff writer, can be reached at 829-7218.
MORE>> David_Wayne April 29, 2008 at 6:55 AM Comment on Article Be very careful. When we start telling any business how much money it should or shouldn't be making, we enter in a slippery slope of supporting them financially when times are tough for them. Let us not forget just how big a hypocrite the government is here ... they tax this product, to the tune of about 50cents a gallon here in PA. mike April 29, 2008 at 7:03 AM Comment on Article If the government is going to start controlling private enterprise, why don't they just bring on Chavez as the new oil minister.
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