Wasn’t that supposed to pay for all kinds of good stuff?
Barack Obama supports imposing a windfall profits penalty on oil selling at or over $80 per barrel. Revenue from the proposal will be invested in a number of measures to reduce the burden of rising prices on families.
Source: barackobama.com
Keeping in mind, of course, that TBP doesn’t understand the difference between “commodity prices” and “profits”.
From today’s Wall St. Journal…
HOUSTON—ConocoPhillips said Wednesday it will sell assets in Canada, the U.S. and the North Sea as part of its bid to restructure itself—a transformation that executives say heralds a major shift in the way the oil business is run.
The Houston-based company also reported a 71% drop in earnings because of lower commodity prices and a weak environment for refining operations.
Oops. Oh well.
I suppose this is redundant, but elections DO have consequences.
Steve Maley
Moe Lane
Dan McLaughlin
Neil Stevens
This presidency is starting to look more like Carter every day.
Steph C (Diary) Thursday, October 29th at 9:48AM EST (link)Restructuring, less refining capabilities, all of it mean ever higher prices and eventually shortages.
This is nuts. And they call themselves the progressive party? More like regressive since they keep doing the same things over and over as in infinite do-overs like one day doing the exact same thing will somehow be done right one day.
“[I]f the public are bound to yield obedience to laws to which they cannot give their approbation, they are slaves to those who make such laws and enforce them.” –Candidus in the Boston Gazette, 1772
Hillbilly Politics
Good article at realclearmarkets.com about this
Alberta (Diary) Thursday, October 29th at 12:46PM EST (link)http://www.realclearmarkets.com/articles/2009/10/29/economic_justice_and_economic_growth_97476.html
hope the link works. Its a good read, which seeks to correlate standard of living and government involvement in an economy.
The article postulates that Obamas goal isnt economic growth (which we all knew) but rather his oft asserted meme of ‘redistributive change.’
Club of Rome type nonesense.
Isnt being ruled by the Quackocracy grand?
Sir, my concern is not whether God is on our side; my greatest concern is to be on God’s side, for God is always right.
Abraham Lincoln