Bill Targets Oil Firms and OPEC

Democratic leaders in Congress unveiled energy legislation yesterday targeting oil companies and members of the Organization of the Petroleum Exporting Countries. The package drew sharp criticism from Republicans, oil firms and foreign policy experts.

The legislation, dubbed the Consumers First Energy Act, features a 25 percent windfall profits tax on oil companies operating in the United States, a rollback of existing tax breaks for oil and gas companies worth $17 billion over 10 years, and an authorization for the U.S. attorney general to bring price collusion charges against OPEC members. [snip]

Republicans countered with their own proposals for boosting U.S. oil production by opening protected areas on the Outer Continental Shelf and in Alaska to oil and gas drilling.

"Americans don't need more taxes and more investigations. They need more oil and lower prices," said Sen. Pete V. Domenici (R-N.M.), the ranking member of the Senate Energy and Natural Resources Committee. "Yet nothing in the Democrats' plan will produce a single drop of oil."

[Q: and if we 'win' a collusion case and go after assets and OPEC nations withold their oil? insanity]

"Consumers First Energy Act"
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