Windfall Profits Tax Has NEVER Worked

[CattleArmy]

[CattleArmy]

[Soapweed]

[Oldtimer]

[aplusmnt]

[CattleArmy]

I cut my own meat just fine.

[Texan]

[Texan]

[Texan]

Some of you whiners act like you think you're supposed to have a constitutional guarantee to cheap gas. If you don't like the price, don't buy it! That's the only thing that will change the price.

It amazes me that some of you think that we can take a globally-traded commodity with a relatively finite supply, mix it with rapidly increasing demand from emerging economies and selfish Americans, and still expect the price to remain the same. When the price goes up due to basic economics, you claim a big conspiracy and whine for big government to do something about it for you.

You whine to take money away from legal corporations to 'get even.' You whine because those corporations make a large profit. A profit made from giving you what you wanted - readily available gas. Gas that even today is cheaper than cokes, bottled water and Starbucks coffee. Gas that is made more expensive because it has to meet the environmental standards put in place by the liberal politicians that you whiners put in office.

I really wish there was a way for all of the whiners to be cut off from buying gas for a while. Not only would that make the price come down for me, it might teach some of you just what I said - that we are fortunate to have the opportunity to buy gas - even high-priced gas.

If you whiners have built your whole standard of living around cheap gas, looks like you screwed up. To quote the whiner's hero, Reverend Wright - your chickens have come home to roost. We all had the luxury of cheap gas for a long time - too long, probably.

Too long, because if we had been faced with four dollar gasoline ten years ago, we would have already made adjustments by this time. Adjustments in our consumption, as well as adjustments to supplies, that would have gone a long way toward correcting things. But....we didn't do that because we just took for granted that we would always have cheap gas - as if it was one of life's guarantees.

If you don't like the price, be proactive about a solution and don't f'ing buy it! There's plenty of people in China and India with their first car who are more than happy to take your share.

[Texan]

Yeah, let's go ahead with a windfall profits tax. Let's just go ahead and tax our own energy companies out of existence. We don't need them anyway. There's plenty of companies that want to drill in the Gulf. If you whining liberals don't like Exxon making a profit, maybe CNOOC would be more to your liking?

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CNOOC VP: Mulls Entry into US Gulf of Mexico in Two Years
by Brian Baskin
Dow Jones Newswires 5/5/2008

HOUSTON , May 05, 2008 (Dow Jones Newswires)

China National Offshore Oil Corp. (CEO) is looking for ways to acquire oil and gas assets in the U.S. Gulf of Mexico "in two years," a top company executive said Monday.

CNOOC, which is controlled by the Chinese government, is "looking for opportunities," Zhou Shouwei, a CNOOC vice president, told Dow Jones Newswires on the sidelines of an energy trade show.

CNOOC was most likely to make a foray into the Gulf of Mexico by buying exploration rights in federal waters in a government lease sale, Shouwei said. CNOOC would most likely look for a partner, a common practice in the industry for acquiring fields in deeper water, which are more expensive to develop.

Many foreign companies operate in the Gulf, with Asian firms in particular increasing their presence in recent years.

No Chinese company currently owns reserves in the U.S., however, and CNOOC's last bid to enter the country, its 2005 attempted acquisition of Unocal, was withdrawn under intense political pressure from the U.S. Congress.

Oil companies from nations that are net energy consumers, such as Japan and South Korea, have turned to the U.S., and the Gulf of Mexico in particular, to provide stable production to balance riskier activities abroad.

Analysts say Chinese companies remain interested in buying assets in the U.S., though on a small scale in order to avoid a repeat of the failed Unocal deal.

Copyright (c) 2008 Dow Jones & Company, Inc.


http://www.rigzone.com/news/article.asp?a_id=61493

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