Ed Markey: “the Republicans want to repeal the 4.3-cent gasoline tax. Let us debate that. But there is no guarantee that the oil…”

“the Republicans want to repeal the 4.3-cent gasoline tax. Let us debate that. But there is no guarantee that the oil companies are going to lower prices by 4.3 cents, so the consumer would just ride over to the gasoline station, pay the extra 4.3 cents that the oil companies had in lower prices and they wind up with no extra money in their pocket. The only way in which we can be sure that the consumer gets a break is if we impose a windfall profits tax on oil companies. In that way, the consumer, as taxpayer, will get that 4 cents back into their pocket. In addition, down in Texas, Koch and Citgo and Coastal have closed down 300,000 barrels of oil refinery gasoline per day as of last Friday. Up in New Jersey, there is another 190,000 barrels that Tosco is not producing. We need the President to move in, to use his Executive power, to jawbone these energy executives, so that the 500,000 barrels of idle gasoline refining capacity is put back on line by this weekend, so that we flood the marketplace with gasoline. That drops the price of oil in the global and American marketplace.”