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Obama’s Plan to Take Windfall Profits

Posted by rightwinger on April 17, 2008

I heard an Obama commercial today, and it said he was going to “enact a penalty on windfall profits” for oil companies. Ok, now doesn’t this sound communistic? The government is going to take your profits if your business does well. If this is enacted, then the oil companies are likely to move their headquarters to the United Arab Emirates (UAE). This is what happened with Halliburton, when Congress voted to make it virtually impossible to drill in the Gulf of Mexico. Read article about Halliburton headquarters moving out of the US.

The reality is the gas prices are based on supply and demand and the price of the dollar. This is basic economics. The government has tied the oil companies hands in being able to drill and refine oil in the US. If the US would allow for the free market exploration, drilling, and refining of oil and gas, prices would be low. We should let the free market set the price, not the government.

See the articles below to read more about the huge oil find 2 years ago in the Gulf of Mexico that Congress voted against.

Read the article about the huge oil find in the Gulf of Mexico.

Read about how Congress blocked drilling in the Gulf of Mexico.

Now there is a huge oil find in North Dakota.

Read about the huge oil find in North Dakota.

What will Congress do with this one?


One Response to “Obama’s Plan to Take Windfall Profits”

  1. […] the wake of plummeting oil and gas prices, implementing the Big Oil windfall tax is a bad idea.  Well Veer Right already knew it was a bad idea.  Tell me if Big Oil can control the price, why has it fallen so dramatically?  Might it be […]

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