[Congressional Record (Bound Edition), Volume 151 (2005), Part 19]
[Extensions of Remarks]
[Page 25686]
[From the U.S. Government Publishing Office, www.gpo.gov]




 INTRODUCTION OF THE ``WINDFALL PROFITS AND CONSUMER ASSISTANCE ACT OF 
                                 2005''

                                 ______
                                 

                         HON. EDWARD J. MARKEY

                            of massachusetts

                    in the house of representatives

                      Wednesday, November 9, 2005

  Mr. MARKEY. Mr. Speaker, in the coming weeks, Democrats will be 
laying out a comprehensive energy strategy and a vision for America's 
energy future. Today, Representative Rahm Emanuel and I are beginning 
that process by introducing a bill that would impose a windfall profits 
tax on the oil industry.
  The Windfall Profits and Consumer Assistance Act of 2005 would impose 
a windfall profits tax on oil companies on oil sold above $40 a barrel. 
Our bill would then use half of the revenue generated by this tax to 
fund a tax rebate for all American consumers to help them deal with 
their high gas and energy costs. Our bill would use the other half of 
the tax revenue to supplement funding for the Low-Income Home Energy 
Assistance Program that helps poor families and seniors of fixed 
incomes pay their energy bills.
  Now, more than ever, huge sums of money are gushing into the pockets 
of the oil and gas industry. Exxon and Shell recently reported third 
quarter profits that were $2 and $3 billion more than the greatest 
quarterly profits we have ever seen, from any company, in the history 
of the world. These historic profits are coming as the result of oil 
prices that are currently around $60 a barrel and have recently been 
near $70 a barrel.
  Meanwhile, American consumers are facing astronomical prices at the 
pump and with winter coming, an impending home heating crisis. 
According to projections in the Energy Information Administration's 
recently released ``Short-Term Energy Outlook and Winter Fuels 
Outlook,'' home heating oil prices are likely to be 31.5 percent higher 
than they were last year. This increase translates into an average 
consumer expenditure of $1,577--an increase of $378 over last winter. 
Moreover, last year only 15.6 percent of households eligible for the 
Low Income Home Energy Assistance Program nationwide were served. We 
can and must do better in addressing the additional burden that both 
average consumers and low-income consumers will face as a result of the 
current price increases.
  Our bill would take a portion of the historic high profits that oil 
companies are making and use it to help the millions of American 
consumers who are bearing the brunt of high energy costs. Our bill will 
help reverse the Bush Administration's policy to ``Leave No Oil Company 
Behind'' and would provide relief to American consumers who are paying 
the price for the Republican Party's energy mistakes.

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