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To: Augustus Gloop who wrote (12883)	10/25/2005 4:20:06 PM
From: Galirayo	Respond to of 23958

[Senator Clinton says .... TAX IT] Senator Clinton calls for $20 billion fund from oil companies WASHINGTON Senator Hillary Rodham Clinton says the government should collect (b) billions of dollars in new fees from major oil companies and use the money to help consumers pay their heating bills this winter. The New York Democrat told a group of clean energy investors and advocates meeting in Washington today that the money could also be used to fund energy research. Clinton says the nation faces a looming energy crisis and needs a new push toward efficient use of oil, gas, wind and solar energy. She told the group that the Bush administration is using an umbrella to fend off a hurricane when it comes to its energy policies. Other Democratic senators -- including New York's Charles Schumer and Dick Durbin of Illinois -- have proposed a new tax on the increase in profits seen by major oil companies this year. Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. wcax.com -------------------------------------------------------------------------------- Sen. Clinton calls for $20 billion fund from oil companies By DEVLIN BARRETT Associated Press Writer October 25, 2005, 11:58 AM EDT WASHINGTON -- Sen. Hillary Rodham Clinton urged the government to collect billions of dollars in new fees from major oil companies and use the money to fund energy research and help consumers cope with the high price of heating this winter. Clinton, D-N.Y., told a group of clean energy investors and advocates that a major new push toward efficient use of oil, gas, wind, and solar energy was needed to confront a looming energy crisis. The recent spikes in gas and oil prices following storms in the Gulf Coast "have exposed the administration's policy for what it is: using an umbrella to fend off a hurricane," she said. The senator pushed a "strategic energy fund" which she said could bring in as much as $20 billion a year for new research and give rebates or tax breaks to those straining to pay rising heating bills. Other Democratic senators, including New York's Charles Schumer and Illinois' Dick Durbin, have proposed a new tax on the increase in profits seen by major oil companies this year. In contrast, Clinton never described her plan as a tax, saying her goal is to get "oil companies that have experienced these amazing profits either to reinvest them in our energy future to reduce our dependence on oil or to contribute to a strategic energy fund that will provide incentives for companies and consumers who want to be part of an energy solution." A spokeswoman for the National Petrochemical and Refiners Association did not immediately return a call seeking comment on Clinton's plan. A fee, the senator said, should be taken solely out of unexpected profits to oil companies, without passing the cost on to consumers. Just before Clinton spoke, one of the world's largest oil companies reported a 34 percent rise in quarterly profit Tuesday as record energy prices more than outweighed hurricane damage to its rigs and refineries. BP PLC said its net profit for the three months ended Sept. 30 rose to $6.53 billion, up from $4.87 billion for the same quarter in 2004. BP is the first major oil company to report its quarterly results taking in account the Gulf Coast hurricanes. Royal Dutch Shell PLC and Exxon Mobil Corp. will report results later this week. Despite unhappiness at gas pumps, Clinton's fee plan faces long odds in the Republican-controlled Congress, where the House recently passed an energy bill designed to encourage construction of new refineries. The measure was backed by the White House but criticized by Democrats and some moderate Republicans as a sop to the oil companies. Clinton said she hoped that bill would not get to the Senate floor but instead "die a slow, private death." She also blamed special interest groups for blocking energy advances in Washington, arguing that individual states like New York and California, and some foreign countries like Brazil, are moving quicker to expand cleaner energy sources. nynewsday.com