GOP & Big Oil

House Republican leaders are calling on oil companies to reinvest some of their record profits into the construction of new domestic refineries. In an unusual scene, House Speaker Dennis Hastert, R-Ill., invited the media into his office to announce: “These are tough times that call for tough measures. We expect oil companies to do their part to help ease the pain American families are feeling from high energy prices.”

Hastert and Republicans are anxious about the prospect of high profits for oil companies, set to be announced over the course of this week. “Oil and gas companies are enjoying record profits. That’s fine. This is America,” Hastert said, later adding that “we need to get our domestic capabilities up to par. It’s time to invest some of the profits.”
Asked directly whether he favored a windfall profits tax, Hastert left the door open. “I hope that we don’t have to do a windfall profits tax,” he said.

Last summer the House barely passed a controversial measure that sought to make it easier for companies to invest in new pipelines and refineries. That legislation contained provisions to fight price gouging, which Repubs highlighted today. The measure faces dismal prospects in the Senate.

Hastert says that offices around the Capitol are doing their part by turning off lights and computer screens when not in use.

The Daily Nightly