GOP succumbs to the lure of 'windfall' oil profits

Sen. Charles Grassley, Senate Finance Committee chairman, proposes plan to force oil companies to devote 10 percent of last quarter's profits to supplement the federal heating assistance program.

"In light of record profits and rising energy costs, it seems only logical for the companies to practice good corporate citizenship by helping low-income families and seniors," said the Iowa Republican, whose state is one of many in the Midwest where heating bills are expected to rise 50 percent on average this winter.

Mr. Grassley, whose powerful committee writes tax law and oversees charitable organizations, also asked the associations for status reports on charitable giving by the energy companies.

He reminded them that they have "a responsibility to use these record profits to invest in more exploration, production and refining capacity to increase supply of petroleum products."

This is the party of big business?

Dan Gainor, says Congress is following the media's playbook:

It’s the Poor Innocent Consumer vs. Big Bad Oil, with a side of Politicians to the Rescue.

The media love a good controversy – so much so that they stir things up when the facts don’t warrant it. Since oil companies released their profit numbers last week, the news template has been one of angry consumers claiming they’ve been harmed and politicians vowing to do something about gas prices. Both parties have been aided by the media, who declared that oil profits were "beyond imagination."