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Unprofitable ideas on energy.(excess profits tax)
Sterling Burnett and Christa Bieker, "Taxing Profits, Draining Energy," National Center for Policy Analysis, March 2006 (ncpa.org)
Recent surges in the cost of, oil, coupled with the oil industry s record profits, have led some politicians to call for some form of a windfall profits tax. Such a tax is not needed and would just make matters worse, according to National Center for Policy Analysis senior fellow Sterling Burnett and intern Christa Bieker.
The idea for a windfall profits tax arises from the fact that many Americans seem to believe oil companies conspire to keep prices artificially high. However, recent spikes in the cost of oil are traceable to outside factors such as "strong demand in the United States and several developing nations, production and refining decisions by the Organization of Petroleum Exporting Countries (OPEC), and political instability in a number of oil exporting countries." There is no evidence of collusion on the part of the oil industry. It is actually global energy markets that determine the price at which oil is bought and sold. Even large companies such as Exxon-Mobil are beholden to prices set by "trading on commodities exchanges in London, Hong Kong and Chicago."
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