Rep. Van Hollen (D-Md.), also at the press conference, has introduced the Energy Markets Anti-Manipulation and Integrity Restoration Act in the House. This bill would close the so-called "Enron loophole" by adding energy commodities to the list of items that "cannot be traded on deregulated, exempt commercial markets," according to a press release issued by his office.
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Oil Comp’s Profit While Small Companies Take Hit
Sen. Cardin is a co-sponsor of the Consumer-First Energy Act of 2008, S. 2991, which has been blocked by Republicans for consideration in the Senate. The act creates a 25 percent windfall profits tax on oil companies that fail to invest in increased capacity and renewable energy sources
Sen. Cardin is a co-sponsor of the Consumer-First Energy Act of 2008 (S. 2991), which has been blocked by Republicans for consideration in the Senate. The act creates a 25 percent windfall profits tax on oil companies that fail to invest in increased capacity and renewable energy sources.
It also rolls back the $17 billion in tax incentives oil companies get each year, and invests that money to "improve consumer price protection, renewable energy development and energy efficiency technology," according to the Democrats' official Senate Web site.
Citing oil and gas companies' profits of $130 billion, up from $30 billion two years earlier, Cardin said this bill should be passed to give some relief to small business owners.
Rep. Van Hollen (D-Md.), also at the press conference, has introduced the Energy Markets Anti-Manipulation and Integrity Restoration Act in the House. This bill would close the so-called "Enron loophole" by adding energy commodities to the list of items that "cannot be traded on deregulated, exempt commercial markets," according to a press release issued by his office.
Rep. Van Hollen (D-Md.), also at the press conference, has introduced the Energy Markets Anti-Manipulation and Integrity Restoration Act in the House. This bill would close the so-called "Enron loophole" by adding energy commodities to the list of items that "cannot be traded on deregulated, exempt commercial markets," according to a press release issued by his office.
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