Tuesday, April 25, 2006 | 7:07 a.m.
A windfall profits tax on American oil companies is an answer to the rising gasoline prices, says Sen. Arlen Specter, R-Pa., chairman of the Senate Judiciary Committee. He also supports measures to break up giant companies such as Exxon-Mobil and Chevron, similar to federal action against Standard Oil Co. 95 years ago to create more competition in the market.
With gasoline prices in much of the country now soaring above $3 a gallon, those are proposals worth considering.
We, too, have a proposal. We believe the energy bill, passed by Congress last year, is obsolete and should be superseded by a new one that reflects reality.
The bill now in place was crafted by Vice President Dick Cheney. It reflects his loyalty to oil and gas corporations that are receiving generous federal subsidies while racking up staggering profits.
A new energy bill should be passed that fully recognizes the potential of alternative energy sources to replace oil-based gasoline. President Bush is right in pushing hydrogen as a long-term solution.
But help is needed immediately, and a bill reflecting greater support for emerging hybrid, ethanol, biodiesel and other alternative fuels is desperately needed.
We support an energy bill that would reduce subsidies to oil companies and put the savings toward a new subsidy, one that would reward people for giving up their gas-guzzling SUVs and pickups in exchange for vehicles that get better mileage or use alternative fuels.
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