The call for an excess profits tax on our oil companies is economically ignorant and dangerous. This was last tried under our worst president ever, Jimmy Carter, and it led to higher prices, and gas lines.

While we all feel the pain of higher gas prices, we at least have plenty of supply. Imagine what happens when building supplies and groceries do not get delivered because fuel is unavailable.

An excess profits tax inevitably becomes a confiscatory MARGINAL tax on the next gallon sold. When the next gallon sold is taxed heavily it will not be produced and distributed. Government economists are notoriously ignornant of the difference between marginal tax rates and average tax rates. Carter was the poster boy for the economically retarded on this issue. Schumer and Reid seek to revive Carter’s worst energy policies.

At a time when ethanol and bio fuels are becoming poor substitues we need to increase domestic production, not punish the very people we need to increase that production. The same morons who want to punish the oil producers have refused to allow any new refineries, or drilling on domestic properties, or the construction of nuclear plants, or any sensible policy that could easily reduce our dependency on foreign oil.

These vapid political hacks have no problem withe excess profits made by Microsoft or Warren Buffet or the high profits now being earned by farmers because of high food prices. But oil is the scapegoat for their decades of stupid policies that have handicapped domestic energy production.

There no problem we have that can not be made worse by these fools.

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