Specter to Oil Companies: No Soup For You!

Gas prices are up, and the oil companies are making bigger profits than ever. And when somebody's making money it's only a matter of time before the government wants a piece of the action. So Senator Arlen Specter (R-Penn) thinks it's a good idea to tax the bejeezus out of rich oil companies. But, this being an election year, the Dems are getting in on the help-the-common-man action as well. Bryon Dorgan (D-North Dakota) wants extra tax on crude oil above $40 a barrel, and Michigan's own Carl "Ben Franklin glasses" Levin thinks President Bush should strong-arm the oil companies into lowering prices with the threat of taxes. Bush getting mean with big oil? Right, like that's ever going to happen.

Specter Says Rising Gas Prices May Lead to Tax on Oil Profits [Bloomberg.com]

Related:
More on gas prices [internal]