Dumb & Dumber Windfall Profits Tax On Needed Oil?

One of the dumbest moves to reduce soaring gasoline prices is the Liz Warren-led Democrats’ proposed “windfall profits” surtax to REDUCE oil production, which will only JACK UP the price on the lessened supply that is already helping cause the soaring prices.

Says the WSJ’s editorial board: “You knew it was coming. Even as President Biden begs OPEC to pump more oil, Senate Democrats are threatening to punish US oil companies with a windfall-profits tax if they increase production. The contradiction nicely summarizes progressive energy policy.”

The Dems, of course, are blaming Putin and the “greedy oil companies” for “profiteering” in the record pump tabs. But, as the editors explain yet again, “oil companies don’t set prices, as Biden’s own Federal Trade Commission has found time and again, [while] supply, demand & market expectations do.” In short, they conclude, “the windfall-tax proposal shows that Democrats don’t want US companies to produce more oil so gasoline prices fall. They want higher gas prices so reluctant consumers buy more electric cars.” Is Mr. Biden smart enough NOT to fall for the dumb move?

Davd Soul