Congress just passed their energy bill through the senate. It still needs 2 more steps to become law. It passed a 29 billion dollar tax increase on oil companies. Guess what, that tax is passed squarely onto you, the consumer,
Gas jumped 15 cents in my town in the last 6 hours.
Did it jump up anywhere else?
2007-06-21 18:00:31 · 15 answers · asked by Nickoo 5 in Politics & Government ➔ Politics
http://www.cnn.com/2007/POLITICS/06/21/congress.energy.ap/index.html
2007-06-21 18:01:03 · update #1
I give everyone a thumbs-up for answering. Thanks.
2007-06-21 18:11:40 · update #2
I doubt very seriously that this was the reason. Actually gas futures where down today I believe. But oil was flirting with
70 dollars a barrel today. This legislation did not cause this
jump.
So the oil companies had 110 billion in profits last year. So for them to lose what essentially is a bunch of tax breaks they should then pass that on to the consumer so that they can maintain these profits? Don't worry Bush will veto the bill because we can't do anything to hurt the oil companies under his administration.
Remember when oil was 35 bucks a barrel and gas was 1.95 all over the country. You know before Bush invaded Iraq.
The prices are not high because of Democratic taxes. Oil is 70 dollars a barrel because Bush invaded Iraq.
2007-06-21 18:17:55 · answer #1 · answered by JF 3 · 2⤊ 0⤋
Not here in DC. While consumers will eventually pay the tax short term summer price hikes are generally due to the fact that almost every state has its own gasoline formula to meet their air quality and other goals. So if for some reason like a refinery problem gas for X state is in shorter supply and the price goes up.
Now if people's response to a higher gas price with more taxes included was to buy less gasoline the company might take less profit and eat some of the tax. However that's not real likely to happen.
2007-06-21 18:09:30 · answer #2 · answered by katydid13 3 · 2⤊ 0⤋
Gas jumps anytime a hurricane is in the Atlantic or tropical storm. It also jumps during holidays and other events as well as when summer comes along as people vacation in the summer. Almost like legal price gouging. Fortunately here it went down 5 cents per gallon. I think I'm going to fill up in the morning to be safe lol I hate paying 3.79 per gallon in the summer. Unfortunately its like the electric company except its a multi company monopoly in which you get to pick which high price you want to pay.
2007-06-21 18:08:59 · answer #3 · answered by hourglass_beauty 4 · 3⤊ 0⤋
so... gas jumped... before it's even law? pretty typical
and I'm not sure if I would personally call "making them pay taxes again" a tax increase...
10 to 1 odds... companies will make an even larger profit this quarter... paying taxes... they will raise prices 2 times what it costs them, since they have the excuse...
the thing I don't get... a company's profits increase by several fold... yet they still pass a tax increase on to a consumer...
2007-06-21 18:03:11 · answer #4 · answered by Anonymous · 2⤊ 0⤋
So. Ca. Regular between 3.09 and 3.30. We also have the highest fuel taxes in the nation, which by the way we had to vote to extend the 71/2% sales tax for highway building and repair because our Legislators diverted the highway funds for special interest crap.
2007-06-21 18:15:37 · answer #5 · answered by ohbrother 7 · 1⤊ 0⤋
it would be large if it have been feasably obtainable. we ought to continually depart domicile to bypass to artwork. many persons commute greater that 20 minutes rigidity to artwork, that would take a approaches too long with the aid of alternative modes of transport, extraordinarily if there is not any longer public transportation in the section. it would be large if shall we boycott and rigidity fees down, however the gasoline companies understand that that's a needed commodity and due to this they are able to flee with jacking up the charges.
2016-12-13 09:53:39 · answer #6 · answered by Anonymous · 0⤊ 0⤋
As long as the Iraq war isn't over, the prices'll change from time to time and it affects everywhere including my country, Malaysia, in the world.
2007-06-21 18:11:00 · answer #7 · answered by Bill A 3 · 2⤊ 0⤋
Declining in Oklahoma and Texas. About$ 2.30 a gallon now.
2007-06-21 18:07:48 · answer #8 · answered by ♥ Mel 7 · 3⤊ 0⤋
it's 1.98 here. read the story about the refineries not operating at capacity. read about record prices per barrel. there are many factors
2007-06-21 18:14:00 · answer #9 · answered by Anonymous · 2⤊ 0⤋
Good, gas needs to be eliminated. Ill pay whatever I have to for gas if it helps to get people to wan't to finally get rid of it
2007-06-21 18:07:00 · answer #10 · answered by mrlebowski99 6 · 2⤊ 1⤋