Oil Industry Price Gouging

Although President Bush has asked the FTC to investigate, the head of the Federal Trade Commission (FTC), Deborah Majoras, is a former lawyer for ChevronTexaco, and has yet to recuse herself from any investigation.

Since George W. Bush became president in 2001, the Big Five oil companies have made over $254 billion in profits, according to Public Citizen.

Congress should act now by scrapping the recent energy-industry subsidies bill and passing the Gas Price Spike Act of 2005 (H.R. 2070), which provides for a windfall profits tax on oil companies that would be balanced by tax credits for the purchase of ultra efficient vehicles and federal grants to reduced mass transit fares, policies that promote both energy security and economic justice.

Another proposal is Senator Dorgan's Windfall Profits Rebate Act of 2005.

Go here to see a related hearing.

Related links:

4/5 Americans Want a Winfall Profits Tax on Oil Companies.
"Crude Manipulation," by James Ridgeway (V.Voice, 9/13)