morekaos
Well-known member
Wow...the stupidity is just breathtaking.... Brain surgeon Elizabeth Warren has resurrected the "Windfall Profits Tax" to punish those evil oil companies...the same "Windfall profits tax" (even using the same name) that Brother Jimmy laid on the "evil 70's oil companies" that led to the disastrous oil shortages and offshoring of production of that era....Never one to learn from a mistake, this is what our current leadership proposes....Wow!!
Oil Market Chaos Deepens As Sen Warren Pushes Windfall Profits Tax For ?Big Oil?
"Big Oil?s first priority is to maximize profits.
It?s also their second priority, third priority, and on and on.
We can?t let them use Putin?s invasion as an excuse to pad their bottom line with war-fueled profits. So I?m working with Senate Democrats on a windfall profits tax."
https://tradeforprofit.net/2022/03/...rren-pushes-windfall-profits-tax-for-big-oil/
Carter's ?Windfall?
May 9, 1979
WASHINGTON, May 8 ? President Carter's proposed tax on ?'windfall? profits of oil companies goes before Congress tomorrow, and it is likely to touch off a political donnybrook as intense, if not as protracted, as last year's struggle over the President's energy program.
The Secretary of the Treasury, W. Michael Blumenthal, will open the Administration's case when he testifies tomorrow before the House Ways and Means Committee. As he does so, the windfall profits tax is under attack from two directions.
Some opponents of the President's decision to remove price controls from crude oil produced within the United States are working to defeat the tax and thereby make decontrol untenable. But the tax is also drawing fire from the oil industry, which heartily favors decontrol
https://www.nytimes.com/1979/05/09/archives/carters-windfall-profits-tax-issue-and-debate.html
Carter's windfall profits tax fell far short of its projected revenues, partly because it discouraged domestic production and partly because worldwide economic events caused oil prices to fall sharply during the early 1980s. According to the Congressional Research Service, the Carter-era windfall profits tax:
Reduced domestic oil production by 3-6%; and
Increased foreign oil imports by 8-16%.
If foreign producers have the capacity to offset all the lost domestic production, then the windfall profits tax will simply shift domestic consumption from domestic to foreign oil with no effect on pump prices at all. On the other hand, if foreign producers can't turn up the taps to offset reduced U.S. production?Saudi Arabia in particular may not be able to meet its ambitious production targets?then not only will we be more dependent on foreign oil, but pump prices will rise to bring demand in line with newly-reduced supply.
So there's your windfall profits tax in a nutshell: reduced domestic production, increased dependence on foreign oil, and pump prices either unchanged (best case) or higher (worst case).
Oil Market Chaos Deepens As Sen Warren Pushes Windfall Profits Tax For ?Big Oil?
"Big Oil?s first priority is to maximize profits.
It?s also their second priority, third priority, and on and on.
We can?t let them use Putin?s invasion as an excuse to pad their bottom line with war-fueled profits. So I?m working with Senate Democrats on a windfall profits tax."
https://tradeforprofit.net/2022/03/...rren-pushes-windfall-profits-tax-for-big-oil/
Carter's ?Windfall?
May 9, 1979
WASHINGTON, May 8 ? President Carter's proposed tax on ?'windfall? profits of oil companies goes before Congress tomorrow, and it is likely to touch off a political donnybrook as intense, if not as protracted, as last year's struggle over the President's energy program.
The Secretary of the Treasury, W. Michael Blumenthal, will open the Administration's case when he testifies tomorrow before the House Ways and Means Committee. As he does so, the windfall profits tax is under attack from two directions.
Some opponents of the President's decision to remove price controls from crude oil produced within the United States are working to defeat the tax and thereby make decontrol untenable. But the tax is also drawing fire from the oil industry, which heartily favors decontrol
https://www.nytimes.com/1979/05/09/archives/carters-windfall-profits-tax-issue-and-debate.html
Carter's windfall profits tax fell far short of its projected revenues, partly because it discouraged domestic production and partly because worldwide economic events caused oil prices to fall sharply during the early 1980s. According to the Congressional Research Service, the Carter-era windfall profits tax:
Reduced domestic oil production by 3-6%; and
Increased foreign oil imports by 8-16%.
If foreign producers have the capacity to offset all the lost domestic production, then the windfall profits tax will simply shift domestic consumption from domestic to foreign oil with no effect on pump prices at all. On the other hand, if foreign producers can't turn up the taps to offset reduced U.S. production?Saudi Arabia in particular may not be able to meet its ambitious production targets?then not only will we be more dependent on foreign oil, but pump prices will rise to bring demand in line with newly-reduced supply.
So there's your windfall profits tax in a nutshell: reduced domestic production, increased dependence on foreign oil, and pump prices either unchanged (best case) or higher (worst case).
