NanO49

Expect Oil to Approach $100/bbl Again By Summer

The windfall profits tax that was passed by the Carter administration back in the 70's wasn't terribly popular either and it DID squelch exploration and investment. However, the rhetoric is good and Cohen is right -- with the current fever of wealth redistribution, the argument for the WFP tax may win the day. There is a finite amount of oil and as we use it up, it's going to become more costly, especially if there's no exploration going on, that's just basic economics. The answer is simple -- pay more, or do without. A WFP tax isn't going to fix it.