Political Quotes

“most American companies make their profit by selling the best product at the best price. But too often in the oil industry it just doesn't seem to work that way. For example, oil companies can even get a subsidy from the Federal taxpayers for shutting down a profitable oil refinery by deducting the cost of that shutdown from their taxes. I come to the floor today because I hope Congress will put a stop to the perverse incentives that reward oil companies when they reduce the supply of gasoline and gouge our consumers at the pump. In my view, the Tax Code simply should not reward companies that shut down a refinery to reduce the supply and drive up the price of gasoline. My own view is that Congress ought to be providing incentives to oil companies that increase their production, as long as they comply with the applicable environmental law. I think we are all pleased when we see corporate profits go up, and we are all pleased when the stocks of those companies go up as well. But what I am troubled about with respect to what is going on in the oil industry--and we are going to see profits up again this week, and I gather some have already been announced--is that too often our consumers are getting hosed. I have been traveling about Oregon over the last few weeks. I have watched as gasoline prices hit over $2 per gallon in some towns. In Eugene, Springfield, Medford, and Ashland--a number of our communities--the average price has been $2.06 per gallon.”