Byron Dorgan: “this is not a new subject. It is one myself, Senator Dodd, and others have spoken about on the floor, as a matter of…”

“this is not a new subject. It is one myself, Senator Dodd, and others have spoken about on the floor, as a matter of fact, in recent days and weeks. Let me describe briefly that it is, in fact, an amendment that is identical to the legislation we have offered that would create a windfall profits tax on profits of the major integrated oil companies, profits above $40 a barrel for oil, the purpose of which would be to collect that money and rebate it in its entirety to consumers. Or in the alternative, if the major integrated oil companies are using that money to invest into the ground or to build refineries above ground to expand the supply of energy and, thereby, bring down the price, they would be completely exempt from the windfall profits tax. If they are using their profits above $40 a barrel for the purpose of buying back stock, ``drilling for oil on Wall Street,'' as I will describe in a few minutes, or for other purpose that will not expand the supply of oil or the supply of energy, then they would be paying a windfall profits tax on profits above $40 a barrel at the rate of 50 percent--a 50-percent excise tax--all of which would come into the Federal Government, all of which would be rebated by check to individuals in this country in order to help pay for the higher cost of energy that individuals are now facing. This is very simple. This is not a complex amendment. We are not trying to recalculate income or do things that are particularly difficult.…”