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Kucinich Introduces Plan to Lower Gas Prices



Washington, Jan 18 -

As promised in late December, Congressman Dennis Kucinich (D-OH) today introduced H.R. 3784, the Gas Price Spike Act, which would reduce the price of gasoline.

Kucinich’s bill would address rising gas prices by placing a windfall profit tax on oil companies and use that money to provide tax credits for the purchase of ultra efficient vehicles and providing federal grants to reduce mass transit fares.

“Gas prices continue to rise, creating a hardship for the American people. At the same time, oil companies are making record profits gouging their customers. This bill would tax only the excess profits and create forward-thinking transportation alternatives,” said Kucinich.

Kucinich’s plan will not increase the cost of gasoline because it would not tax the price of gasoline. It only taxes excessive profits of refineries and distributors. Any attempt to increase prices to recover the lost revenue in taxes is simply taxed at 100% making the price increase worthless.

Kucinich’s bill would also:

• Transfer the revenue from the windfall profits tax to Americans who would buy ultra efficient cars, made in America, with a tax credit. These will be made directly available to the purchaser of a car that traveled over 65 miles on a single gallon of gas. Today, average cars get less than 30 miles per gallon.

• Establish a broad based, far reaching program to promote mass rail transit inter- an intra- city. The bill makes funding available to regional transit authorities to offset significantly reduced mass transit fares during times of gas price spikes.