Legislation Introduced by Congresswoman DeLauro

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Summary

Windfall Profits Rebate Act of 2005, H.R. 4203

Since the beginning of 2004, the price of oil has doubled from $35 a barrel to over $70 a barrel and consumers have had to pay more than $3 a gallon for gasoline in many parts of the country. At $35 a barrel, the energy industry was making record profits.

This legislation calls for a 50-percent tax on crude oil profits over $40 a barrel when those prices are earned by the largest oil companies with the most ability to control the overall price. These are companies that, in many cases, move oil from the ground to gas pumps and control all of the processes in between. The revenue would provide an income tax rebate for all taxpayers based on the windfall tax revenue.

Exxon-Mobil’s revenue for 2005 was $340 billion, a 25.5 percent increase over 2004. The company had $36.1 billion in profits, the most by any U.S. company in history. The other large oil companies have also made record profits in the last year.

Large oil companies are reaping unprecedented benefits while consumers pay unprecedented prices for gas and home heating. Oil companies cannot be allowed to earn windfall or excess profits on the backs of consumers.

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