Why? So Big Oil can raise prices to compensate???
By Jack E. Lohman
Better, eliminate the hoarding by speculators. Mandate that they take physical possession of the oil they buy.
Prohibit the export of US-drilled oil, which currently exceeds imports.
In short, don’t be stupid. The oil companies will simply increase their prices to maintain the profit levels necessary to maintain exorbitant salaries. And the speculators give neat campaign bribes, but you just ignore that!
How to keep the industry from killing itself (and America)? Create a “public option” oil company! It can mitigate CEO greed, and if you personally object, don’t buy their product but enjoy the results.
We have a no-win situation…
Thanks to our corrupt congressmen, who passed NAFTA and other laws that allow corporations to send jobs to other countries without penalty, taxing corporations has a negative effect in our free-market free-for-all democracy. Mainly we encourage companies to manufacture product in countries that (a) have lower wages, (b) pay lower taxes, and (c) have fewer regulations.
Of course these astute outsourcers will eventually pay a heavy price. Can you imagine what would happen if Apple attempted to bring its manufacturing back to the US? Its Chinese manufacturer will likely send them the one-finger salute and create its own competing product after stealing their technology.
None of this would have occurred if our politicians were not on the take. Political bribes (campaign contributions) have destroyed our nation and the only fix is a 100% turnover in November.