[Congressional Record (Bound Edition), Volume 151 (2005), Part 6]
[Extensions of Remarks]
[Page 8661]
[From the U.S. Government Publishing Office, www.gpo.gov]




              INTRODUCING THE GAS PRICE SPIKE ACT OF 2005

                                 ______
                                 

                        HON. DENNIS J. KUCINICH

                                of ohio

                    in the house of representatives

                         Wednesday, May 4, 2005

  Mr. KUCINICH. Mr. Speaker, as the summer peak driving period begins 
and as gas prices remain high, I am introducing legislation today to 
reduce the price of gasoline. The bill, The Gas Price Spike Act of 
2005, is co-sponsored by 33 Members of Congress.
  The bill will address the spike in price of gasoline by placing a 
windfall profits tax on oil companies; giving tax credits for the 
purchase of ultra efficient vehicles; and provide federal grants to 
reduced mass transit fares. 
  Consumers are being gouged at the gas pump. And, the only thing 
rising faster than the price of gasoline right now is the skyrocketing 
profits of the oil companies.
  Washington can no longer ignore this issue. High gas prices are 
eating away at consumer's disposable income and could lead to a further 
economic downturn.
  The bill will: Institute a windfall profit tax on gasoline and 
diesel. Such a tax is to be imposed on all industry profits that are 
above a reasonable profit level. This proposal would not increase the 
cost of gasoline because this proposal does not tax the price of 
gasoline. It only taxes excessive profits of refineries and 
distributors. Any attempt to increase prices to recover the lost 
revenue in taxes is simply taxed at 100% making the price increase 
worthless.
  Transfer the revenue from the windfall profits tax to Americans who 
would buy ultra efficient cars, made in America, with a tax credit. 
These will be made directly available to the purchaser of a car that 
traveled over 65 miles on a single gallon of gas. Today average cars 
get less than 30 miles per gallon.
  Establishes a broad based, far reaching program to promote mass rail 
transit inter- an intra-city. The bill makes funding available to 
regional transit authorities to offset significantly reduced mass 
transit fares during times of gas price spikes.
  The co-sponsors are Reps. Serrano (D-NY), Abercrombie (D-HI), DeFazio 
(D-OR), Frank (D-MA), McDermott (D-WA), Solis (D-CA), Filner (D-CA), 
Carson (D-IN), Grijalva (D-AZ), Lantos (D-CA), Lee (D-CA), McGovern (D-
MA), McKinney (D-GA), Woolsey (D-CA), Owens (D-NY), Strickland (D-OH), 
Conyers (D-MI), Davis (D-IL), Sanders (I-VT), Farr (D-CA), Hinchey (D-
NY), Evans (D-IL), Nadler (D-NY), Kanjorski (D-PA), Sherman (D-CA), 
Lewis (D-GA), Gutierrez (D-IL), Visclosky (D-IN), Kildee (D-MI), 
Slaughter (D-NY), Kaptur (D-OH), Olver (D-MA), Stupak (D-MI).

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