Friday, October 24, 2008

BHO's stance on Energy.......

Obama: Mystery Man on Energy by Max Schulz on National Review Online
Jimmy Carter helped push through a windfall profits tax on oil producers in 1980. As the Tax Foundation notes, that plan “had the effect of decreasing domestic production by 3 percent to 6 percent, thereby increasing American dependence on foreign oil sources by 8 percent to 16 percent.” Moreover, as any supply-sider could have predicted, the tax failed to meet the government’s revenue projections. Congress repealed the windfall-profits tax in 1988. Why Obama wants to reprise one of Jimmy Carter’s more notorious policy debacles is not clear — though the point may be moot now that the global economic slowdown has driven the price of oil below Obama’s arbitrary $80 threshold.

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