Meteor Blades
From Dailykos
Responding to proposals by various Democrats, including President Obama, right-wing media have over the past few days claimed that eliminating various tax subsidies now received by oil and gas companies will drive up the price of gasoline at the pump. However, queries of energy experts by Media Matters show the premise to be false. Moreover, not only would getting rid of the subsidies have little or no impact on gas prices, neither would a windfall profits tax like the one Rep. Dennis Kucinich (OH-10) plans to reintroduce in Congress next week.
First introduced in 2005 as the Gas Price Spike Act, Kucinich's bill would tax "excessive profits" of refineries and distributors, direct the revenue to tax credits for Americans who buy super-efficient vehicles and to promote rail transit between and within urban areas. The 2005 bill died in committee.