Battle Brews Over Senate Bill S-1588 Introduced by Sen. Ron Wyden, D-Ore. to Tax Oil, Gas, Commodity Gains to Drive Down Oil & Gas Prices.

Legislation introduced by Sen. Ron Wyden, D-Ore., would require pension plans to pay taxes on gains from their investments in gas and oil commodities and would force hedge funds and other speculators to pay ordinary taxes on their oil and gas trading profits.
Congress will have a fight on its hands if it goes ahead with legislation that would for the first time require pension plans to pay taxes on gains from their investments in gas and oil commodities, pension fund executives said.

At issue is S. 1588, the Stop Tax Breaks for Oil Profiteering Act of 2009, which was introduced by Sen. Ron Wyden, D-Ore., on Aug. 6.

In an Aug. 6 statement on the Senate floor, Mr. Wyden said his legislation, which has been referred to the Senate Finance Committee, is needed to help rein in speculation in energy commodities that he said has driven up the price of oil for everybody.

A summary of the bill released by Mr. Wyden's office blamed institutional investors for at least some of the price jumps.

"The STOP Act would end the free ride that institutional investors get on profits made from the high prices of oil and natural gas — prices that have been driven higher by the high volume of institutional investment. Without tax subsidies, big investors will invest less in oil and gas markets, which means that oil and natural gas prices can be expected to fall, saving consumers at the pump.”

.For the complete article:
http://www.pionline.com/apps/pbcs.dll/article?AID=/20090821/REG/908...

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Permalink Reply by Grillin' - MmmMmm on August 25, 2009 at 5:22
Scary isn't it! And this guy has one out of 100 votes that determine much of the direction of this great country! Scarier still is that a majority of people in an entire state voted for him!!

Might trade him for Dollar Bill Jefferson, though! This Wyden guy might not be smart enough to steal from us! On the other hand, neither was Jefferson!
Permalink Reply by Bill R on August 25, 2009 at 8:26
I didn't vote for Wyden or DeFazio... then again, I didn't vote for Obama either... but they are sure becoming a royal pain in the - - - - 'pants' for a lot of us. Wyden and Defazio want to place additional limitations on where and when we can drill for natural gas here and both backed an effort to ban the 'LPG' gas line and transfer sites for ships from Oregon. I just hope someone out there keeps pushing to allow the use of LPG and natural gas for alternative fuels sources to gasoline and coal.

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