It’s funny when I see both Clinton and Obama both pitching the idea of profit taxes on the oil companies. Maybe they need to ask McCain, someone who is old enough to remember what the WPT of the Carter administration actually did to domestic oil production. If you want to fault McCain and Clinton for pitching a stupid economic idea to cater to stupid American’s you certainly have to do the same for Clinton and Obama for their profit tax plan. All their doing is taking the sentiment that big oil is bad and pitching a vote grabbing plan to build on it.
Basically, the WPT (windfall profit tax) killed domestic oil exploration and is the reason we’re so dependent on foreign oil today.
Something you should really read before vomiting back up the sound byte of “big oil is bad”.
http://www.popularmechanics.com/science/earth/4254875.html
Big oil is going to find us the oil we need to survive until science can find us a real replacement for oil (not stupid political science like ethanol).