Today, the US Senate is debating and expected to approve the Consumer-First Energy Act of 2008, which would create a tax on "windfall profits" of the major oil companies at a special supplemental rate of 25 percent; repeal the Section 199 deduction for the major oil and gas companies and tightens the rules restricting the use of foreign tax credits on oil and gas related income; suspend filling of the Strategic Petroleum Reserve (SPR); punish price gouging; limit excessive speculation in the oil markets; and crack down on the Organization of the Petroleum Exporting Countries (OPEC). The "windfall profits" tax would not apply to profits of oil companies that are invested in clean, affordable and domestically produced renewable alternative fuels, expanded refinery capacity and utilization, or renewable electricity production. Unfortunately, the bill does not include an extension of renewable energy credits which are slated to expire at the end of this year.
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