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Friday, July 28, 2006

Big Oil Bigger Profits

My friend Joe over at the Moderate Voice has a point in wondering about the "Windfall" profit tax. There are breaks in the proposed legislation if they use the profits for expansion of refineries, new technologies for developing products, drilling improvements etc etc. If they are honestly claiming that "Most" of the profits are used for new production then we should be draining the Atlantic because we are going to need to store all that oil somewhere.

It’s ridiculous to think that it is okay for one company to generate ten billion dollars in clear profits in just three months time. To be making that large a profit is simply greed. Think about it this way. The richest man in the world, Bill Gates, over the course of his life has amassed a personal fortune of fifty billion. Exxon can pass him by in 15 months time.

Well if the CEO’s of these companies continue down the road they have been then only they are too blame when the next Congress comes into power in January. The power to subpoena is coming and with it will come the power to break up huge monopolies as well.

The rape and pillage of America is soon coming to an end. I'm drafting a letter for Speaker of the House Nancy Palosi about this very matter. I'll mail it after the November elections...

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