Soaring Gas Prices, Oil Company Record Profits Incite Calls for Windfall Profits Tax

Interview with Tyson Slocum, co-director of the Public Citizen's Energy Program, conducted by Scott Harris

In mid-April, gas prices in the U.S. soared 25 cents in just two weeks, bringing the average national price for self-serve regular to $2.91 a gallon, although prices topping $3 a gallon were common. President Bush, already reeling from record low approval ratings, felt the sting of intensifying anger across the nation about rising energy prices, and announced his plan to rein in the cost of gas. The president said on April 25 that he'll ask the EPA to temporarily relax clean air regulations which oil companies claim have caused gas shortages in some Northeast states, delay deposits in the U.S. Strategic Petroleum Reserve; ordered a federal investigation into possible price gouging and cut some oil company tax breaks.

But consumers, well aware that energy companies like Exxon-Mobil reported the nation's highest-ever profit of $36.1 billion in 2005, are suspicious of the President's cozy relationship with big oil. Republicans who control Congress received 81 percent of the $54 million dollars in political campaign contributions made by big oil companies since 2001.

But election year jitters are causing some GOP congressional legislators to join Democrats in calling for a probe of oil company profits and consideration of a windfall profits tax. Between The Lines' Scott Harris spoke with Tyson Slocum, director of Public Citizen's Energy Program. He discusses some reasons behind the dramatic rise in gas prices and explains why he supports an oil company windfall profits tax.

Contact Public Citizen at (202) 588-1000 or visit their website at www.citizen.org

Related links:

* "Gas Price Gambit," by Tyson Slocum, www.tompaine.com, April 20, 2006

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