Reply #5: I don't think people understand something [View All]

[AllentownJake]

If there are no windfall profits, there is not tax revenue from windfall profit tax.

If we pass a windfall profit tax and the price of gas goes up we take the blame for the increase. It becomes a GOP talking point.

The reason for the oil price increase had very little to do with demand and more to do with poor regulation on commodity trading and over the American oil industry. Ask yourself this...at one time when gas was increasing in price did you have to wait in line to get gas like you did in the 1970s? The commodity traders created a scheme similar to the Holland Tulip Mania. Oil was never worth what we were paying for it but commodity traders with the aid of the White House bidded up oil to the point where the market collapsed. It was a classic bubble.

I know some people on here don't understand that yes Virginia...politics is involved in crafting an agenda. The oil companies and traders are going to work to keep prices down to prevent new energy policies...which is what we really need to be focusing on.