Michelle Linn, Chairman of the Independent Petroleum Association of America wrote in the Pittsburgh Post Gazette today that a windfall profits tax would hurt domestic production.
Big oil is not even interested in increasing production. 10 years of drilling in Anwar would only produce 9 months of oil, which they would sell to China anyway. They are cutting production on purpose, just as the dairy industry dumped out millions of gallons of milk into the gutter in the 70's to boost prices. The production/supply and demand argument is cow manure.
This is like the Shell answer man claiming "global warming needs more study." Even the few independent domestic companies that haven't consolidated yet are making out like gangbusters, so I don't feel too sorry the CEO of Linn Energy.
I feel sorry for the middle class.
CEO's in this country are making more than they have in 50 years. Exxon-Mobil made 36 billion last year - more than any other corporation in the history of the world. They give their fat joweled CEO retiree a 400 million dollar golden parachute. In addition to these obscene profits, after CEO's met with Dick Cheney in secret energy meetings, (then lied to congress about not being there) they got billions more in subsidies.
A windfall profits tax would put billions of dollars back into American's pockets immediately. We could also invest into alternative forms of energy, and increase fuel efficiency, but on April 27, in a rare meeting, our lazy congress of the United Corporations of America voted no on the tax.
Instead, Bill Frist suggested we get a tune up, drive slower, and car pool. and the President is going to save us a penny or two at the pump by rolling back environmental standards. Problem is, we'll still be broke, and won't be able to breathe.