This is a header image which reads, "News Release Judd Gregg United States Senator for New Hampshire 393 Russell Building, Washington, D.C. 202-224-3324 www.senate.go/~gregg/ For Immediate Release:" There is also a small official photo of Senator Gregg on the right hand side of the header.
Date: October 28, 2005
Contact:Erin Rath/Jeff Turcotte

GREGG CALLS FOR REVISITING EXCESS PROFIT TAXES ON OIL: FUNDS TO BE USED FOR LIHEAP AND DEFICIT REDUCTION

** Fresh Sound Available on Internet and Senate Actuality Line **

 

WASHINGTON– U.S. Senator Judd Gregg (R-NH) today made a statement calling for reinstitution of an excess profit tax on oil.

Senator Gregg stated, “Over the past few days, while the public and our national economy are suffering under the huge burden of costs of oil and gas, it is infuriating that one part of the economic sector is reporting record-breaking profits, some in the $10 billion quarterly range. With people being forced to pay $3 a gallon for gas and $2.50 for oil to heat their homes, it is apparent that the oil companies have taken advantage of the trust of the American people.

“As a result of this, I believe it is time to take a serious look at reinstituting an excess profit tax on oil companies with the proceeds being put towards the low income home energy assistance program and deficit reduction. I intend to pursue options in this area over the coming weeks.

“Some might call this a novel approach for me, but I cannot sit back in good conscience while those in our society struggling to heat their homes are being left in the cold by oil companies.”

 

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