Oily Companies are not to blame says Bill Sali
July 9, 2008
Quotes are from Congressman Bill Sali e-mail newsletter dated 7/7/2008:
“[C]ountries like Iran use bloated oil revenues to pursue a nuclear program that creates security concerns for the rest of the world… if taxes are raised on oil companies, it is silly to believe that will cause them to lower their prices. In fact, it will only cause prices at the pump to go up even higher as those oil companies pass that tax increase right down the pipeline and into your gas tank… by raising taxes, we’re actually taxing the people who invest in energy companies, many of whom are middle-income people with retirement accounts… Higher taxes on oil companies will only take money from retirement accounts and hurt ordinary Americans.”
Mr. Sali believes, because so many investment funds that include retirement savings of those of us on Main Street have invested in oily stocks, increasing taxes on the oily companies would hurt us little guys. But wait, Mr. Sali just said also that if we increase oily taxes it would simply be passed along as higher prices at the pump. Yes, this would hurt us, but that is not the point he is making. He refers to the investments of oily stocks being hurt by extra oily taxes.
I think his discussion of taxing oily companies is a distraction from the basic fact the oily bosses are gouging us all. Mr. Sali’s comment about Iran’s “bloated oil revenues” being used for their nuclear program should give him a good idea for America: Let’s use some of our bloated oily revenues to build alternative sources of energy, or build more refineries (isn’t this the argument the oily boys give us for the shortage of oil here?), or foot the bill for national health care — not a permanent solution but one heck of a jump-start!
Why don’t we have any elected leader that will stand up to the oily boys? When the senators called the oily boys on the carpet both times the senators presented their questions and comments in such diffidence it was embarrassing to witness.
“Some people blame those who own and manage American oil companies.” Mr. Sali, I am one of these people. Please prove us wrong and if you cannot, do something to correct it.
