Friday, August 1, 2008

Windfall Profit Tax on Oil Companies / Another Rebate or Election Year Bribe??

Barrack Obama has proposed a $1000 tax rebate to help offset rising fuel costs to be funded by an excessive profit tax on what they love to call "Big Oil."

Who are they kidding? The cost of higher taxes will be passed immediately on to the consumer in higher oil costs, a classic CATCH 22.

Further, tying up oil company profits means less money for oil companies to pursue more sources of oil from the limited areas they are still allowed to explore. The more the Democratic leaders in our government seek to interfere in the industry's ability to profitably explore new sources of fuel only further empowers other countries to do so at our expense.

Consider that Cuba is working with Communist China to develop oil resources in the Gulf of Mexico our government has put off limits to our oil companies. China and Cuba win, we lose!
This election year gimmick of $1000 to consumers is a modern day Trojan Horse. Harnass the hot air emitted by the political blabbering in Washington and we might have a powerful source of new energy.

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