Francis Schutte

Does Big Oil's Apathy Justify Proposals to Tax Windfall Profits?

Whether or not we like the Oil companies, we have a situation of Peak Oil, a recession that is becoming a depression and lower Government income (tax income). There is no doubt in my mind that the US will once more impose windfall profit taxes on the oil companies. Such an action will receive the cheers of the masses and will bring additional income for government. Peak Oil is, like Peak Coal was before WW II in a final stage and signifies the end of an era. Don't expect Recession and Depression to go away as long as we aren't using a cheaper form of transportable energy (nuke, hydrogen,...) . Hopefully, we won't need another war to speed up the conversion.