FOR IMMEDIATE RELEASE
November 23, 2005
Contact:  Joy Fox
(401) 732-9400 
 
Langevin cosponsors legislation to ease consumer energy burdens

 
(Warwick, R.I.)–Congressman Jim Langevin (D-RI) announced today his support of the Windfall Profits and Consumer Assistance Act of 2005. The legislation is in response to the growing concern over high energy costs nationwide.

“This bill would take a portion of the historic high profits that oil companies are making and use it to help the millions of American consumers who are bearing the brunt of high energy costs,” said Langevin. “It is no secret Rhode Islanders are facing astronomical prices at the pump and with winter coming, an impending home heating crisis. Time is running out for Congress to take appropriate and decisive action to help both average consumers and those in need.”

The Windfall Profit and Consumer Assistance Act of 2005 introduced Congressman Ed Markey (D-MA) and Congressman Rahm Emanuel (D-IL) will:

  • Impose a 50 percent tax on oil companies for oil sold at prices above $40 a barrel
  • Return half of the generated revenue to consumers who have been bearing the brunt of high gas prices by giving an income tax rebate
  • Use the other half of the generated revenue to fund the Low Income Home Energy Assistance Program (LIHEAP), which millions of Americans will need this winter to stay warm
  • Would exempt profits that are reinvested by oil companies to increase refinery capacity, costs incurred for new domestic drilling activities and costs incurred for production facilities for ethanol or biodiesel

    • Langevin continues to work closely with Senator Jack Reed (D-RI), who has led efforts in the Senate to increase funding for LIHEAP, to ensure that no Rhode Islander is left out in the cold this winter.

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