Oil Profits Soar, Bush Rejects Windfall Profits Tax

by Donna Jablonski, Apr 28, 2006

Today, Chevron announced its first quarter profits are up 49 percent, hitting $4 billion. Yesterday, Exxon Mobil announced $8.4 billion in first-quarter profits. Members of Congress, fearing voter outrage over $3-a-gallon gas, are flailing to look like they’re doing something about pain at the pump, proposing everything from tax crackdowns to taxpayer rebates.

CNN reports how our president, the former Texas oilman, responds:

President Bush on Friday rejected calls to tax oil companies’ record profits fueled by high oil prices but said he expects those companies to re-invest those profits into alternative fuels and new energy technologies….”The temptation in Washington is to tax everything,” Bush said while taking questions from White House reporters. “The answer is for there to be strong reinvestment to make this country more secure from an energy perspective.”

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