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Obama Calls For Higher Gas Prices, Lower Supply

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April 28, 2008 – Comments (1)

Just when you thought it couldn't get any more ignorant than McCain's "gas tax holiday" plan. You get this:

Mr. Obama called for a windfall profit tax on oil companies, in addition to taking steps to reduce the price of oil and increase transparency on how prices are set.

Transparency on how prices are set? Pay attention, Mr. Ob: There's a worldwide market, futures markets, and prices tend to be denominated in depreciating dollars. That's why the costs are going up.

Oh, and Mr. Ob, a windfall tax on oil industry profits is a perfect way to make sure that oil companies cut back on capital investment. It's a great way to guarantee falling production and higher prices down the road. Just ask Hugo Chavez, or Vlad Putin, or the various gobn'ments of Mexico, all places where oil company profits are siphoned off for pork projects, crony rewards, and social programs rather than being reinvested properly in more oil exploration and infrastructure.

Sj

1 Comments – Post Your Own

#1) On April 29, 2008 at 8:20 PM, TheParadox (92.40) wrote:

hmm... i thought it would seem like a good idea to take money from big oil, its not like people have retirement accounts are link to these companies.  It would seem better to just tax the crap out of them anyway.  That way i don't have to be mad at exxon, i can be mad at Mr. Obama for taking our money... wait a second... isn't he running for pres... oh, no... that can't be right, it doesn't make sense at all!

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