Herseth Sandlin doesn't favor windfall profits tax right now

Posted on Saturday, May 24, 2008

Representative Stephanie Herseth-Sandlin says she does not support a windfall profits tax on oil companies "at this time."

On Monday, President Bush signed a bill that temporarily stops the administration from acquiring oil for the nation's Strategic Petroleum Reserve, something the congresswoman calls a "good first step." She says such an action has brought down the cost of gas before.

In the longer term, Herseth-Sandlin says there's a need to freeze some and repeal some of the incentives given to oil companies in the 2005 energy policy act, and prioritize those resources into renewable energy development.

The South Dakota Democrat says it could happen after the next election, when a new administration and a new Congress will be on the job.