Whenever gasoline prices spike, some of the dullards on the Theftocrat side of the Congressional aisle start to yammer about raising taxes on oil companies or confiscating what they call excessive profits. Economic illiteracy of this sort by public officials should be considered prima facie evidence justifying immediate removal from office. The National Review Online article "The Oil Drill" makes the following points.
Three Senate Democrats angry about the high price of gasoline propose to raise taxes on the firms that produce it. No, it does not make any sense to us, either. For Democrats, expensive gas is just the price of scoring a moral victory over Big Oil, and American consumers will be expected to pay any price and bear any burden that Harry Reid & Co. inflict upon them.
The “Close Big Oil Tax Loopholes Act” is a [M]inotaur’s labyrinth of economic illiteracy, with Democratic senators Robert Menendez (N.J.), Sherrod Brown (Ohio), and Claire McCaskill (Mo.) lurking at the center of it. This A-team of financial sophisticates has taken a hard look at rising gasoline prices and concluded that the most reasonable course of action is to increase the cost of producing oil by “closing tax loopholes” for the five biggest oil companies.
The Democrats would rather use the tax code as an enemies list, and they’re already fighting about what to do with the money they foresee expropriating from oil producers and, indirectly, from gasoline consumers. Some want to use the funds to pretend to reduce the deficit. Sen. Max Baucus (D., Mont.), getting in touch with his inner Barack Obama, has his eyes on the money, too, with big plans to use it to subsidize politically favored automobile manufacturers and enterprises engaged in the alternative-fuels business — as though one ethanol boondoggle and one GM bailout were not enough of a national embarrassment.
Consumer gasoline prices are highly responsive to oil producers’ costs. In a meaningful sense, oil companies are not so much taxpayers as tax-collectors. Singling oil companies out for tax-code punishment may give Democrats a political tingle, but it’s drivers and consumers (How do you think your groceries get to the store?) who will pay the freight.
This is simply more of the O-bumites' LEAHP program, or Less Energy At Higher Prices. They have illegally maintained a moratorium on drilling in the Gulf of Mexico and halted Shell Oil's exploration off the coast of Alaska. Further compounding our energy problems is Hillary Clinton's blocking of a pipeline from Canada to Texas that would bring 900,000 barrels of oil a day to Gulf Coast refineries.
Now, the boy genius in the White House is simpering about increasing US oil production. The business of this administration is propaganda and disinformation. Its corporate logo should be Hypocrisy 'r Us.
May your gods be with you.