Obama wanted to levy an excess profits tax on oil companies. Our last experience with this was with Jimmy Carter and it was a disaster.
He then proposed to crack down on speculators who are driving up the market. For a man whose financial disclosures showed few investment securities, how does he know that speculators are driving this market? What evidence exists? Can’t speculators drive down a market as well? They may amplify a market direction, but they are usually prone to the boring forces of supply and demand.
I would propose that special tax breaks for the oil companies be allowed to expire or be eliminated, just as I would like to see the special breaks for the farmers expire. I see no problem with profits, but they do not require tax subsidies as well.
I would also like to see a requirement that all oil liscenced from federal properties be restricted for domestic consumption.