The Democratic party is looking more and more socialist with each passing day. These people truly frighten me due to their sheer arrogance and outright stupidity.
Moving on ....
WASHINGTON — With gasoline prices topping $4 a gallon, Senate Democrats want the government to grab some of the billions of dollars in profits being taken in by the major oil companies.
The Democrats are looking at this as nothing more than free money. And by the way, what exactly do the Democrats intend on doing with the revenue generated by their windfall tax? Karl Marx, call your office.
Senators were to vote Tuesday on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.
By the way, who decides what constitutes "windfall profits?" Oh, the Democrats decide? Who gave the Democrats the power to determine what "windfall profits" are? Karl Marx, call your office.
"The oil companies need to know that there is a limit on how much profit they can take in this economy," said Sen. Richard Durbin of Illinois, the Senate's No. 3 Democrat, warning that if energy prices are not reined in "we're going to find ourselves in a deep recession."
Karl Marx, call your office.
But the Democrats are going to have to overcome staunch Republican opposition to any new taxes on the oil industry. The five largest U.S. oil companies earned $36 billion during the first three months of the year.
Keyword: Companies. Companies with shareholders. Need I say more?
Karl Marx, call your office.
Majority Leader Harry Reid, D-Nev., will need 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster. If he doesn't get 60, he likely will pull the bill from the floor.
And was delighted to learn the bill flopped faster than a stack of dropped flapjacks.
Only last week, Reid was forced to withdraw a measure aimed at addressing global warming, falling short of the 60 votes needed to advance that legislation.
The Democrats' energy package also would:
— Make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency.
— Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel.
— Require traders to put up more collateral in the energy futures markets to curb speculation.
Karl Marx, call your office.
Republican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats' response and has ridiculed those who "think we can tax our way out of this problem."
The practice of taxing ourselves into prosperity is standard operating procedure when it comes to Democrats. Don't believe me? Take a long look at Detroit, Michigan. I'm telling you, Democrats know absolutely nothing about economics.
Oil executives, testifying before Congress last month, called the proposed taxes "punitive" and warned that they would discourage domestic oil and gas exploration and production, possibly causing prices to rise instead of fall.
In other words, liberalism always generates the exact opposite of its stated intent.
The American Petroleum Institute, which represents the major oil companies, has been reminding lawmakers that in the early 1980s, when the government imposed windfall profits taxes on oil companies domestic oil production dropped and imports increased.
In other words, the Democrats define the word "stupidity" at the absolute highest level. What is it going to take for us to start drilling?
But Democrats reject the comparison.
Of course they do. Why? Ask their environmentalist friends. The environmentalists are the real reason why we're all paying high prices at the pump. By the way, so much for Nancy Pelosi's 2006 pledge to bring down the costs at the pump.
The Senate proposal would impose a 25 percent tax on profits over what would be determined "reasonable" and would allow oil companies to avoid paying the tax if they invest the money in alternative energy projects or refinery expansion.
Karl Marx, call your office.
Yay! Let's tax the oil companies! Then, we will all sit back and wonder why the price at the pump continues to skyrocket as the oil companies pass on the costs of the Democrats "windfall profits tax" onto the consumers.
The tax breaks that would be rescinded, given by Congress over the past five years, are expected to save the five largest oil companies about $17 billion over the next 10 years. The Democratic proposal would funnel the money into tax incentives for renewable energy sources such as wind and solar, and to promote energy efficiency and conservation.
Yay! Let's give the oil companies even less incentives to explore for oil. On the other hand, the Democrats don't allow the oil companies to do their job anyway, so what's the difference?
Most Senate Republicans have a different approach to dealing with the growing energy crisis — pump more oil and gas.
The Republicans are exactly right. We need to drill. Now.
The GOP energy plan, rejected by the Senate last month, calls for opening a coastal strip of the Arctic National Wildlife Refuge in Alaska to oil development and to allow states to opt out of the national moratorium that has been in effect for a quarter century against oil and gas drilling in more than 80 percent of the country's coastal waters.
In other words, when it comes to drilling for oil, the Democrats said this.
"Republicans by and large believe that the solution to this problem, in part, is to increase domestic production," said McConnell.
Common sense clearly dictates that in order to bring the price of a gallon of gasoline down oil, production must be increased. However, common sense is severely lacking in the Democratic party. So what do we do in the meantime? We're all supposed to suck it up as we "wait patiently" for the new renewable energy sources to come to pass, move closer to work, drive smaller cars and/or ride bicycles to work, and change everything else regarding our modern day lifestyle all because the liberal Democrats say we should.
Like I said .... Karl Marx, call your office.
Update: Hallelujah! Luckily, their attempt failed.