Barack's Oil Profits
Submitted By Todd on May 20th at 9:12pm
A nice post from Kevin Whalen at Pundit Review today on Barack and his proposed windfall profits tax. By some measures, it seems, Big Oil hasn't been going particularly hard on us:
The price of the commodity that “Big Oil” relies on has risen nearly 7X since 2002, yet the price of the product they deliver to the consumer is only up 3X. Seems to me they must be very well run businesses to pull that off. After all, it is not as though “Big Oil” is making consumers pay so they can have massive profit margins...Kevin quotes CNN's Paul Lamonica, who points out that Google's net profits are running 3 times higher than the S&P 500's energy sector. "Should we have an online advertising windfall profit tax?" Lamonica asks?