Will the Bubble Burst (NO) Because of this :::
American families and small trucking businesses may be suffering, but big oil companies are thriving under the Bush administration. Since Bush took office, the big five companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—have earned a total of $556 billion in profits. This includes a record $123 billion in 2007. And BP, ConocoPhillips, ExxonMobil, and Shell just posted record first quarter 2008 profits—a combined total of $31.7 billion. The BP and Shell huge first quarter profits were “built on the back of record-high crude prices.” Industry analysts called them “astounding.”
In 2004 and 2005, big oil companies also received tax breaks worth over $17 billion over the next decade, including avoiding at least another $7 billion to $9 billion in royalties owed to the U.S. government for oil and gas extracted from federal areas in the Gulf of Mexico.
AND THIS
A Fuel Price “Reliefbate”
Middle- and lower-income families need immediate help to cope with record fuel prices. We can help these families by providing a “fuel price reliefbate” check of up to $450, which will cover some or all of the higher fuel price costs faced by working families due to the increase in gas prices over the last seven years.
A Realifbate.... Thanks alot now the people who can afford the fuel are going to be paying for the people who cant ... Oh thats great ... How about taking your hand an shoving it down the oil companies pockets...
And by the way where is my 17 billion dollar tax cut... Uncle SAM..
The fuel price reliefbate would be applied progressively to families who need it the most. The amount households in each income group would receive in offsets is calculated using the average annual fuel expenditure increase between 2001 and an estimate for 2008 (see methodology for more details). The fuel price reliefbate would reimburse 100 percent of the higher cost of gasoline since 2001—or $450—for families earning less than $10,000 per year. Families with higher incomes would receive a progressively smaller offset. Families earning $50,000 to $75,000 annually would receive $200 or one-fifth of the total annual average increase for gasoline between 2001 and 2008. And families earning more than $75,000 annually would receive no aid. Overall, this portion of the fuel price reliefbate would provide some reprieve to 80 percent of all households and cost $22 billion.
This proposal would also provide independent truckers with a $4,000 fuel price reliefbate, which would offset, albeit slightly, the exorbitant rise in diesel prices. This portion of the fuel price reliefbate would cost $1.2 billion. There are over 306,000 self-employed truck drivers who spend on average over $110,000 annually on fuel, driving an average of 130,000 plus miles per year. Each independent truck driver would get $4000, which is five percent of the difference between the annual 2001 fuel expenditure and an estimate of his/her fuel bill in 2008.
This short-term relief proposal should be followed by meaningful, long-term solutions.
AND WHAT ABOUT PEOPLE WHO DEPEND ON FUEL TO MAKE A LIVING... We dont get squat... See if you make over 75,000 you get nothing, So now I go work my ass off so that I can fillup some cars with gas in the welfar projects... but do my taxes go down... NO..
MORE LIES... Dont get me wrong I am a Republican more so than a democrap, but Is this really the Best our government can do , if it is we the people of the united states should fire everybody in washington, also dont elect either one of this money hungry idiots, and lets all go out and hire someone with some COMMON SENSE..
The Dangers of a “Federal Gas Tax Holiday”
The high fuel costs have stimulated at least one proposal that would make things worse, not better, for families and independent truckers. Sen. John McCain (R-AZ) recently proposed enacting a “federal gas tax holiday” that would suspend the levy of gasoline and diesel taxes from Memorial Day through Labor Day. Sen. Hillary Clinton (D-NY) supports this proposal, but would pay for it with a windfall profits tax on big oil companies. Sen. Barack Obama (D-IL) opposes it because it would provide few savings to consumers and not curtail oil use.
The proposed gas tax holiday has a number of flaws:
It would add an estimated $11 billion dollars to the deficit since he has no plan to pay for it.
It would provide money to all drivers and truckers, regardless of income or need.
Many economists believe that reducing the price of fuel will increase demand, while supply is constrained by existing refining capacity. Prices may therefore not decline by the entire 18.4 cent gas tax.
If the gas price drops due to the tax holiday, then drivers could respond by driving more due to lower gasoline prices. The additional demand could drive the price of gas back up.
As demand drives prices up to their previous level, the gas tax holiday would increase profits for big oil companies and refineries without providing any price relief.
This proposal is consistent with Sen. McCain’s huge proposed corporate tax rate cuts that would have reduced Chevron, ConocoPhillips, and ExxonMobil’s total tax bill by $3 billion in 2007.
CAP’s proposal avoids all of the deficiencies of Sen. McCain’s proposals, and has a number of advantages. It would:
Assist the people who are suffering the most from record high gasoline prices.
Offset some of the higher fuel prices for middle-income households making less than $75,000 annually.
Aid those low-income households that do not drive, but face higher prices for food and other goods due to higher fuel costs.
Help independent truckers suffering from record diesel prices.
Pay for itself over time by eliminating big oil industry tax breaks and recovering lost royalties.
Had President Bush adopted higher fuel economy standards in 2001, motor vehicles today would already be using significantly less fuel, thereby reducing demand and price pressure. Because of his failure to act, families and independent truckers face record high fuel prices and sharp increases in food and other prices of essential goods.
Sen. McCain’s gas tax holiday provides only a mirage of relief. We can provide real assistance to middle- and lower-income families coping with these price hikes by closing big oil tax loopholes and recovering lost royalties. After profiting from high prices over the past seven years, its time for big oil to help American families and small businesses by paying a little bit more in taxes and royalties.
I have made my stand this year and have refused to vote.. I may even get a sign on election week thats says Dont Vote for either candidate.. wait until we find someone with common sense..
a gallon here and it seems everytime you look at the signs the price goes up same with gas thats a $4.03 the lowest price I have seen local. 
