Political Quotes

“Mr. Speaker, pursuant to House Resolution 767, I call up the concurrent resolution (H. Con. Res. 112) expressing the sense of Congress opposing the President's proposed $10 tax on every barrel of oil, and ask for its immediate consideration in the House. The Clerk read the title of the concurrent resolution. The SPEAKER pro tempore. Pursuant to House Resolution 767, the concurrent resolution is considered read. The text of the concurrent resolution is as follows: H. Con. Res. 112 Whereas raising revenue and spending money are powers reserved to Congress by the Constitution; Whereas according to global economists, the United States oil and gas industry is currently experiencing the worst industry decline since similar commodity price collapses in the 1980s and 1990s forced oil companies to slash payrolls and dividends; Whereas global oil production exceeds demand by more than one million barrels a day, and Iran has promised to provide an additional 500,000 barrels a day to the world market, now that several sanctions have been lifted after the recent implementation of the Joint Comprehensive Plan of Action; Whereas the price of a barrel of oil is currently around $30, less than a third of the $90-plus it was selling for 18 months ago; which would mean the President's proposal would be equivalent to a 33.3 percent tax, making the United States Federal excise tax on oil the highest of any domestic product; Whereas this tax could translate into as much as an additional 25 cents o…”