Today Congress passed $18 billion dollars in new taxes on oil companies. I say "screw them" but we're really all screwed. Who do you think the companies will pass the costs on to?
Instead of making new taxes for the companies, we should fine them for doing or not doing certain things. There has not been a new oil refinery built for the past 30+ years. Why? Demand has increased, and having a lack of refining capacity ensures that refined oil remains in short supply. Hence, higher prices.
So, the government should fine any oil company the exact same amount that it would cost them to build a refinery. Every year until they build it.
Ironically, higher taxes and prices will probably be the only thing that continues our country on its current course of taking the search for alternative fuel more seriously.
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Err, I think you mean 18 BILLION, 18 million is an amount that might hurt you and me (well, me anyway), but hardly Exxon. Best to ofer a tax credit for refinery construction (like section 8 housing tax credit, and finance the tax credits with fines and winfall profits levy (you can't make money without reinvesting in infrastructure).
BTW on your other topic I recommend an excellent book-Richard Hofstadter (SP.?)-"Anti Intellectualism in American Life"
Posted by: chester324b | February 27, 2008 8:34 PM | Permalink to Comment