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Originally Posted by crockett
Did you even bother to read any info about this? or are you just spewing out the typical uneducated republican scare tactics?
It's 18 billion divided by 5 oil companies across 10 years. That's 1.8 billion per oil company or 180 million a year each. Not of "new" taxes either just money that they should have been paying but were given tax credits on for the last several years.
Since those same oil companies profited 123 billion just last year alone. Congress has decided to turn back two tax cuts the oil companies have been "given".
Sorry but George Bush has more of an effect on oil prices when he starts talking about invading Iran than this would.
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Great and you think this extra cost will not be passed along to the consumer? Dream on. And to quote the article from CNN....
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The House approved $18 billion in new taxes on the largest oil companies Wednesday as Democrats cited record oil prices and rising gasoline costs in a time of economic troubles.
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