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Congress and oil companies' profits.(ENERGY)
Kiplinger Letter, The, November, 2005
Congress won't slap oil companies with a windfall profits tax. Oil giants ExxonMobil and Royal Dutch Shell together made $19 billion in the third quarter, prompting some Democrats to call for a 50% levy on oil company profits whenever crude oil prices exceed $40 a barrel.
Most lawmakers are against it. They fear that a tax on profits would dampen oil exploration and development, adding to U.S. shortages and driving up prices of gasoline, diesel fuel and heating oil.
Two smaller bills have a 50-50 chance. One is a one-year 3% tax on oil company profits that would be earmarked to help low-incomers meet winter heating needs. The other proposes that U.S. refineries keep on hand a five-day reserve of gasoline, diesel fuel and jet fuel.
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