The Democrats and their desire to tax all “unreasonable” profits

By Joe Holmes

Everybody has their panties in a bunch about gas price.  Sure, it kills me that it costs 45 bucks to fill up my Miata.  But does that mean I want my Democratic friends to get in the way of private markets and impose excessive profit taxes on the five largest American oil companies?

51 Senators (out of 94 voting)…a majority…voted to impose these excess profit taxes on the five largest oil companies.  Now practically, the Republics were able to filibuster, thereby blocking the bill from passing.  But the point remains the same…the majority of the nation’s most powerful legislature believes that it is the government’s place to butt into the private oil market, take excess profit taxes from only the five largest companies, and redistribute these into the big pot that is our tax pool.  Besides what the hell does “unreasonable” mean…who is defining this ambiguous term?  The people trying to extract money from these private corporations?

The Democrats are quick to attack the oil companies, like they are all too quick to attack private markets in general; they fail to realize that it is not really the companies’ fault.  Chevron, Mobile, Conoco…they’re not the ones bleeding the American people.  No, it is the collusive cartel known as OPEC that is really putting the screws to all of us.  They are tweaking oil supplies and artificially limiting the amount of oil we have access to, thereby pushing the price of oil through the roof.  Oil companies are coming along for the ride, but they aren’t the ones driving this uncontrollable train. 

The real solution to this crisis is through the market.  If Democrats finally recognized that higher oil prices have led the majority of citizens to support drilling in America…in coastlands and in Alaska, then maybe they would help increase the supply of oil.  If it costs $70 a barrel to extract oil in America…the corrupt oil countries of the Middle East and Latin America, will soon recognize that they can’t put it to us any more.  At $130-$140 a barrel, any increase in supply will drive fear in the hearts of OPEC countries.  Trust me, China and India…they aren’t worried about drilling in the secluded, barren parts of their country. 

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