House of Pain: Government Locks Up on Fuel Price Plans

May 10, 2011

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Republicans in the House, and the industry lobbying group the American Petroleum Institute, argued that raising taxes on oil companies would make things worse.

Menendez said that the five largest oil companies are projected to have $125 billion in profits this year, and there is no justification for the tax breaks he is seeking to eliminate.

“If the big five could just live … with $123 billion in profits in 2011, they could pay their fair share in taxes, help lower the deficit and not raise the price of gasoline,” Menendez said.

What do you think is the solution for higher prices? Leave a comment and let us know.

 

[via northjersey.com]

 

Photo courtesy of ttarasuik and re-used under the Creative Commons license.