Crazy: House Dems Want “Reasonable Profits Board” To Regulate Oil Company Profits…
They’ve obviously been reading Ayn Rand’s “Atlas Shrugged.”
(The Hill) — Six House Democrats led by Rep. Dennis Kucinich (D-Ohio) want to set up a “Reasonable Profits Board” to control gas profits.
The Democrats, worried about higher gas prices, want to set up a board that would apply a “windfall profit tax” as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what a reasonable profit is.
The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 to 100 percent on all profit that “exceeds a reasonable profit.” It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be comprised of any nominees from Congress.
Posted by ZIP on Thursday, January 19, 2012, at 11:47 am | 
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Not going to happen.
who is John Galt?????
Worry not…Dear Leader will deem it so using EO!
“made up of three presidential nominees that will serve three-year terms.”
Another power grab. What company would want to conduct business if the fruits of their labor is confiscated by the govt?
“Reasonable Profits Board made up of three presidential nominees”
ruh-roh
We are fighting a war against the Socialists who want to control this country.
It is a WAR.
They read?
THAT is newsss Zip
Same as the gang of 12, super committee.
Imagine in your wildest nightmares what this country will look like in 4 1/2 years if this fool wins re-election.
Reasonable profits? Ha! This will quickly morph into another government sanctioned, not-for-profit corporation – as long as the top execs are paid in full by this administration for their compliance and closed mouths.
Try as I might, I still cannot pick up my jaw from the floor (and I have been blogging for a couple years – you’d think I’d be used to these outrages).
This is no longer the America that our founders envisioned. In fact, it has been straying from that course for the past 110 or so years (ever since TR)
What a shame!
@ Sasha
Touché!
Another way to destroy capitalism and America!
I pay 38.9 cents per gallon in taxes alone in NC. Add that to the 18.4 cent Federal tax—– 57.3 cents per gallon!
That’s $11.46 in taxes on a 20 gallon fill-up. PATHETIC!
Run guns and then claim stronger gun laws are needed, nix drilling and a pipeline then complain about rising gas prices. The 180 degree admin.
Counting down to November.
Just more pandering to the Dem/Socialist base with class warfare and attacks on the eeevils of capitalism. Of course these Dems know that oil is a commodity sold on a world market; surely they know that oil companies have no say in what the price of a barrel of oil sells for at any given moment. This is nothing but throwing a bone to their base and has nothing to do with controlling the price of gas. If they were truly concerned with the rising cost of gas, they would 1) push for the Keystone pipeline, 2) allow for more drilling in our country, and/or 3) suspend or eliminate the federal tax on gas, which I believe is currently nearly $.50 per gallon. But of course, we know what this is all about: Politics. They see the writing on the wall, they know the price of gas is going to ‘necessarily skyrocket’ this summer, and they’re scared how it will affect the Lightbearer’s reelection.
A free society requires informed citizenry. Ours is brain washed by the media as well as academia. If we are to salvage our constitutional republic, we have a ton of work to do. In fact I am not even sure that it can be done at this point. Neverthless, we must try because the alternative is serfdom.
Instead, let’s apply the ‘reasonable profits’ rules to Hollywood, with any excess being applied to Churches, adoption services, and outdoor summer camps for underprivileged kids.
IMHO it smacks of a board set up by the Politburo in the Soviet Union. On the other hand I think the price of admission to a movie is way too high. May I suggest that our leftist lunatics in Hollywood have their salaries adjusted, and the entire entertainment industry be put under ‘government control’ for the ‘good’ of the nation of course.
Support capitalism; buy more guns and ammo.
Amen to Minuteman26 for his sentiment. I am ready!
No, that’s just crazy talk by the head nutter.
Surly they wouldn’t have a majority to pass socialist legislation like that!
Oh, wait, they DID pass Obamacare didn’t they.
Crap…
Maxine Waters is almost happy now!
Telegraphed…
http://www.youtube.com/watch?v=8BtuSioq-pU&feature=related
Camel’s nose.
Pass this, they’ll expand it to all business.
A Congressional SANITY TEST is required. This “profitable justice” is over the top!
Crazy: House Dems got 4 fingers up their bum and one finger in their mouth blowing hoping to pass gas to the dems in the senate
Another communist czar position for an osama obama cronie. Probably give it to a moslim brotherhood member.
Sure, the Feds take control of EVERYTHING! What could possibly go WRONG????
It’s time to really “take out” these commiecrats!
Dems don’t study history very well, do they? If they did, they would learn that one of their beloved ex-presidents, Jimmah Cahtah, actually did something very similar, by issuing an exec. order that put an artificial price limit on what ONLY U.S. oil companies could sell a barrel of crude oil for– the result of which was ARTIFICIAL supply shortages, because U.S. oil companies said “screw this– we can’t stay in business with this kind of draconian goverment regulation” and simply stopped producing domestically and changed to imported oil instead. The market reacted by tripling the price of crude, literally overnight, and the transportation infrastructure took a while to develop the movement of crude from overseas to refineries then (finally) into the gas tanker trucks to the gas stations– resulting in the supply shortage, all due to the FACT that the U.S. companies simply stopped drilling for oil on U.S. soil. It took a smart enough guy to get elected president (the Gipper) to realize this, and immediately remove the “Carter price freeze” on oil, resulting in a huge restart in domestic oil production, and eventually, prices at the pump fell, all due to a very simple policy change: let the MARKET determine the price, and get the damned government out of the way of the American people who know how to get it, and watch the U.S. economy take off like a ROCKET.
Sounds like business death panels — which companies are allowed to thrive, and which are to die.
Fascism, text book Fascism.
Minuteman26 said: “Not going to happen.”
With Kucinich leading the pack, that’s certainly a given.
Anyway the demacRATS can do to appease the eco-nazis under the green swatika Oh yes the nazis were very very green Hitler was a enviromentalists
The product line I work on, has been ten years in development, first products went to market in 2001 after 2 years development and $40 million in direct R&D, since then about $25 million per quarter in additional R&D to improve, create new versions etc… on the original concept.
This quarter we are not only profitable, but we’ve paid for every dime of investment since the beginning. Our profit from now on is pure profit, going back to investors, to employee share holders, into new R&D to invent something new and better.
Tell me House (D)s, what was a “reasonable” profit for the last ten years? What is a reasonable profit going forward?
All those investors? We’re talking retirement accounts, pension plans etc…
Limit profits you limit investment. Limit investment and you limit any intentional growth, you limit JOBS.
But that is what the (D)s want.
Control for them, dependency for us.
@Idahosauce says:
January 19, 2012 at 12:24 pm
Yes you have it exactly right, state control of private property and industry is the very definition of Fascism.
@American Patriot
Agreed. We have our work cut out for us. November cannot and will not be a course correction on the road to serfdom. The progressive movement has been at it for the past 100 years. There already is a generation of Pelosis, Reids and Obamas ready to take their place.
Get your children home schooled – the “system” has them 6-7 hours a day for 12 years.
Set your sights and vision beyond and before the next election or any election. Everyday you must elect to do what you can and where you believe it will repair the damage.
Take no prisoners – you have to feed them.
How about a reasonable Congressional Compensation Board? I volunteer to chair it.
@CMU VET
Make it “un” reasonable and I’ll volunteer to co-chair it ; )
ITS A WONDERFUL LIFE for sure the sour nasty MR POTTER was a liberal
There are hundreds of boards and commissions in California. The state government does not even know how many and has to date refused to create a comprehensive list of them and their budgets. The State Controller serves on 81 such entities. This is the worse form of government as decisions become futher removed from the voters.
I will support one such commission. How about the “Resonable Spending Commission” which will fine and incarcerate politicians for not passing a budget and for exceeding the budget.
How about we start a Reasonable Taxing Board or a Reasonable Spending Board for congress??
make that “Reasonable Spending Commision”. Excuse me while I go apologize to all the teachers that tried to teach me how to spell.
Those are incouraging headlines for business all over America.
“Roll the dice”, sell alot of stuff you really don’t want to sell (taking a deep discount on said stuff, because of current economy), borrow money, refi properties, blow threw retirement cash, cut profit margins, work 80plus hr weeks,all to keep your doors open!
Then the commie rat bastards want to come and take your profits! FUCK!
Would anyone come to my proposed 10 million person “Armed” march on washington dc while congress is in session??
Good luck on that march permit right? But ows’s doesn’t need a permit? or if they do, they are granted along with the taxpayer paid porta-potties (WZ earlier in the week)!
If it had to happen, we all would have been better off if those airplanes would have hit DC instead of NYC!
These politico’s are out of their God-Damed Communist minds!!!!!!!!!!!!!!!!!
Welcome to the United States of Obama
The sad thing is that these Fidiots are so stupid that they actually think Exxon, BP, Shell and Chevron set the price of oil and gas. Apparently they are unfamiliar with the commodities exchanges. Yep, selling oil for $15 a barrel throughout the late 80′s and 90′s was part of the big master Exxon plot.
The unfortunate but inevitable consequence of this stupidity is that the majority of the 47% that don’t pay taxes in this country will believe these morons.
A day of reckoning is near.
I’d love to find out how much these Congress Critter clowns are playing right now with their private investments in the oil futures market.
So when is Congress going to go after OPEC to limit their profits?
Just when you thought Dennis could not get any more stupid. This would be the first step in regulating all profits of all entities.
screw that. lets start by regulating cogressional perks, pensions and benefits. They’ve been screwing us for far longer than the oil companies.
“Six House Democrats led by Rep. Dennis Kucinich (D-Ohio)…”
“…made up of three presidential nominees that will serve three-year terms…”
——–
Kucinich is the guy who’s about to lose his job due to redistricting, right?
Is he trying to create a position for himself?
Then they all need to sell their shares immediately.
I want to setup a Reasonable Compensation Board for Congress (RCBC) …. no retirement benefits, no health insurance and pay will be $1 a year…. and any congressman/senators will be charged for dereliction of duty if any bills passed by the house/senator caused more harm than good…
Obviously they’ve been reading Das Kapital
This is just the democrats grandstanding for their leftist base before the next election. They know that this has no chance of passing congress. They know such a scheme won’t work or else they would have enacted such a scheme when they controlled congress and had Obama ready to rubber stamp anything they wanted. It’s kinda funny that the leftist base responds to such transparent pats on the head by their democrat masters.
Heard Ohio’s “Joe The Plumber” Wurzelbacher on a morning radio talk show today. Due to redistricting in Ohio Kucinich has to run against Marcy Kaptur in a primary.
Then Wurzelbacher runs against whomever wins that race.
Eliminate the OPEC exemption from GATT. This would be pro-free-market. A barrel of oil should be less than 35 bucks.
Regulation Nation and more strangulation.
Using this as a template could ‘We the People’ then set up a “reasonable intelligence” board to tax ALL income, earned or unearned, at 100%, of any Congresscritter that fails to show an intelligence at least 2 points higher than a flat worm?
Baby Hugo Chavez smiling… ‘So, they’re going to ‘nationalize’ the Oil Industry……there may be hope for them yet’.
Who said the government couldn’t do anything well? I would say that its ability to suck the blood out of every profitable enterprise is extraordinary.
Dennis the Menace is my congress critter- red as they come, IQ challenged and soon to lose his seat. I cannot wait to see this little piece of shit retired from the game and totally ignored. He helped destroy Cleveland, Ohio and now the nation. Total asshole.