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An old mistake: why are they trying to punish the oil companies?(PUBLIC POLICY)

National Review

| December 05, 2005 | Taylor, Jerry; Van Doren, Peter | COPYRIGHT 2005 National Review, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

THE post-Katrina gasoline-price increase seems to have unleashed madness in some GOP quarters. In a remarkable press conference in late October, House Energy Committee chairman Joe Barton and Speaker Dennis Hastert demanded that the oil industry use its 2005 profits to build new refineries and pipelines--and they threatened the imposition of a windfall-profit tax if the oil industry refused. In the Senate, majority leader Bill Frist launched a public inquisition of the oil sector and is actively encouraging discussions on a windfall-profit tax; he is also recommending a new federal law against gasoline price gouging, and asking the industry to give "voluntary" assistance ...

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