Bush Rejects Oil Profit Tax Proposal

WASHINGTON --- President Bush today criticized calls in Congress for a tax on oil company windfall profits. Instead, Bush said, the industry should reinvest its windfall profits to find and produce more energy, the Associated Press reported.

Speaking to a group of reporters, Bush said “the temptation in Washington is to tax everything."

Earlier this week, Bush unveiled a four-prong approach to dealing with higher gasoline prices: investigate to ensure oil companies are not unfairly manipulating prices to inflate profits, offer tax credits to Americans who buy hybrid and other fuel-efficient vehicles, bolster domestic supplies by deferring deposits to the nation’s strategic petroleum reserves until the summer, and invest in alternative fuels.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

6 Takeaways from the 2018 International Car Rental Show

Technological solutions are finally moving from reality to theory, peer-to-peer platforms are being redefined, China has the biggest room for growth, while Sixt’s U.S. aspirations have only just begun.

The Irony of Customer Service in the Digital Age

Sure, any company would jump at the chance to use technology to reduce labor costs. But it also comes with some big, red, flashing warning lights.

Market Forces Driving Car Rental in 2018

An analysis of the conference calls of Avis Budget Group and Hertz Global Holdings reveal trends and initiatives involving fleet right sizing, pricing, ancillary revenue opportunities, and renting to ride-hailing drivers.

Job Finder: Access Top Talent. Fill Key Positions.

>