Obama Calls For Higher Gas Prices, Lower Supply
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.