WHEREAS gasoline prices are almost at record highs, and are expected to break new ground this summer,

WHEREAS the economy is just beginning to pull out of the recession.

WHEREAS international turmoil has driven up fears over the amount and cost of barrels of oil this summer.

WHEREAS government of the United States of America has full right to apply any tax on items it chooses, during periods of national emergencies, as it did during WWII,

SO BE IT RESOLVED, that as long as gasoline prices are over $3.00 a gallon, a provision will be placed in the IRS code that taxes on all capital gains emanating from profits gained through hedge funds or all parts of hedge funds earning their income off of oil, at a rate if 95%.

Synopsis: This bill takes out all incentive of artificially driving up the price of oil, by taxing the capital gains made from doing so at 95%. It does not affect the hedging by American businesses, who seek to stabilize their energy costs over time, and actually receive and use the products they buy. The escalation of the price of oil, costs America tremendous amounts of money. This bill seeks to recapture the portion based on speculation, using that amount to assist in the emergency funding of the extra expense that higher gasoline prices exert on the day to day running of our government. ….