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"Larry Dighera wrote:
The windfall Profits Tax was enacted as law when OPEC raised oil prices in 1979. If that policy made sense to lawmakers then, why wouldn't it be valid now? Why should domestic oil producers reap unearned millions in profits at the expense of the American people just because OPEC wants to price gouge?* It's not crude price increases which are causing the increase in oil industry profits lately. It's world demand for refined product (we have to import actual gasoline now, too), and limited refinery capacity in this country -- a supply-demand problem. The gov't could easily cause refineries to be built with changes in environmental regulations, so the cause of the "windfall profits" is essentially -- our gov't! *Your reference is to Rep. Dennis the Menace Kucinich, our hometown, nut-case legislator here, and his proposed tax. He has no problem with taxing us (the tax would be passed through to us!) and spending it on pork-barrel stuff and in effect a tax subsidy to foreign auto producers. Fred F. |
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