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Increasing Taxes on Oil Firms Would Do Nothing to Decrease Prices at the Gas Pump
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(78 seconds)
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(OPEN):
MEMORIAL DAY MARKS THE START OF THE SUMMER DRIVING SEASON--AND RECORD
GAS PRICES HAVE MOTORISTS CLAMORING FOR RELIEF. MARY HUTZLER--A
SENIOR FELLOW AT THE INSTITUTE FOR ENERGY RESEARCH,
AND FORMER ENERGY INFORMATION ADMINISTRATION PRICE FORECASTER--EXPLAINS
THE PRICE AT THE PUMP, AND WHY CONSUMERS CAN'T AFFORD WHAT CONGRESS AND
CANDIDATES ARE SUGGESTING...
(HUTZLER):
"CRUDE-OIL PRICES--WHICH CURRENTLY REPRESENT OVER
70-PERCENT OF THE PRICE OF GASOLINE--HAVE DOUBLED SINCE MAY OF LAST
YEAR. INCREASES IN OIL DEMAND ARE COMING FROM THE DEVELOPING
COUNTRIES THAT NEED ENERGY TO FUEL THEIR ECONOMIC GROWTH.
WORLDWIDE SUPPLY IS HAVING A HARD TIME KEEPING PACE WITH DEMAND
GROWTH--PARTICULARLY SINCE OPEC IS HOLDING ITS PRODUCTION FAIRLY
CONSTANT."
(BRIDGE):
HUTZLER ADDS THAT CONGRESS MUST REMOVE ROAD-BLOCKS TO NEW
EXPLORATION--NOT TAX THE PROFITS THAT GET REINVESTED INTO THE FUTURE--AS
PUNISHING PRODUCTION AND DEVELOPMENT WILL JUST DRIVE GASOLINE PRICES
HIGHER...
(HUTZLER):
"TO MEET FUTURE DEMAND, WE NEED A LOT MORE
ENERGY--INCLUDING DOMESTIC SOURCES OF CRUDE OIL. INCREASING TAXES
ON OIL COMPANIES WILL REDUCE THE FUNDS THAT THEY HAVE TO REINVEST IN
FUEL--AND DO NOTHING TO DECREASE PRICES AT THE PUMP. CONGRESS'S
BUDGET OFFICE HAS SHOWN THAT THE WINDFALL-PROFITS TAX IN THE 19-80'S
REDUCED DOMESTIC PRODUCTION--AND INCREASED IMPORTS OF CRUDE OIL."
(CLOSE):
FOR MORE INFORMATION ON GAS PRICES AND ENERGY LEGISLATION, PLEASE VISIT
W-W-W-DOT-"FACTS-ON-ENERGY"-DOT-ORG.
