Boom times: busting Big Oil

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  1. Anyone remember when gas was below $1 a gallon? I’m guessing the last time was either about or less than ten years ago.
    There is already a nice size tax specifically on oil company revenue. I’m curious why the tax from that isn’t just diverted into a energy source research fund and why a new tax must be made. That $30 billion that Exxon found recently was taxed. So the government also gets a nice check…I wonder what they planned on doing with it?

  2. I remember when the taxes on gasoline were raised – thrice – during Bill Clinton’s first term. Each time, the price rose a nickle per gallon, as the retailers tried to pass the cost along to the consumers… then dropped back, as the consumers weren’t buying it. Nobody suggested that the government step in and prop up the price back then, if I recall. Nor did they espouse much sympathy for the companies who watched that tax come right out of their profit margin (in some cases, obliterating it completely.)
    Interestingly enough, while people decry the oil industry’s profits as harmful to consumers, they are willing to push for increased taxes – by up to several DOLLARS/gallon – on said same consumers, to ‘encourage conservation and fund development of alternative energy sources.”
    Hogwash.
    ~EdT.

  3. “then dropped back, as the consumers weren’t buying it. ”
    You do realize that if all oil companies passed it on, you would pay it.

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