[Congressional Record Volume 142, Number 58 (Wednesday, May 1, 1996)]
[House]
[Page H4306]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                CALL FOR IMPOSITION OF WINDFALL PROFITS

  (Mr. MARKEY asked and was given permission to address the House for 1 
minute.)
  Mr. MARKEY. Mr. Speaker, the Republicans want to repeal the 4.3-cent 
gasoline tax. Let us debate that. But there is no guarantee that the 
oil companies are going to lower prices by 4.3 cents, so the consumer 
would just ride over to the gasoline station, pay the extra 4.3 cents 
that the oil companies had in lower prices and they wind up with no 
extra money in their pocket. The only way in which we can be sure that 
the consumer gets a break is if we impose a windfall profits tax on oil 
companies.

                              {time}  1115

  In that way, the consumer, as taxpayer, will get that 4 cents back 
into their pocket.
  In addition, down in Texas, Koch and Citgo and Coastal have closed 
down 300,000 barrels of oil refinery gasoline per day as of last 
Friday. Up in New Jersey, there is another 190,000 barrels that Tosco 
is not producing.
  We need the President to move in, to use his Executive power, to 
jawbone these energy executives, so that the 500,000 barrels of idle 
gasoline refining capacity is put back on line by this weekend, so that 
we flood the marketplace with gasoline. That drops the price of oil in 
the global and American marketplace.

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