Standard leftist response: kneecap the producers. Hey, it won't lower prices at the pump one damn bit but at least the government, which already pulls in three times the amount of the oil companies' profits in taxes and other fees, will get more cash.
Never mind that most of the supply and its price is out of our control, since the same people screaming about high prices refuse to open new domestic supplies. You want lack of competition? Look in the mirror.
Gas prices were about $1.50 in 2002, when oil was about $30 a barrel. Now oil is $70 a barrel, and prices are at about $3.00 a gallon. Go figure.
And once again, dealing with profits in raw dollar amounts instead of percentages of operating costs and revenue is misleading.
Current Events » in reply to windfall profits
Sure, go for it.
The whole thread (32 posts)
- Why we need more economics education
