CNN.com - Bush rejects tax on oil companies' windfall profits - Apr 28, 2006

CNN.com - Bush rejects tax on oil companies' windfall profits - Apr 28, 2006

When asked about a windfall tax on big oil's record breaking profits, the wishful Alice in Wonderland logic of this administration surfaces again. (The tax would fund development of domestically produced energy sources.)


Rather than taking responsibility for an active role in our future energy security through prudent reinvestment, our Decider in Chief would prefer to leave it to his buddies in big oil.

"My attitude is that the oil companies need to be mindful that the American people expect them to reinvest their cash flows in such a way that it enhances our energy security."

and then later in the same statement -

"One reason there's tight gasoline supplies is we haven't built any new refineries since the 1970s."

By this odd wish-logic, the same companies that haven't reinvested a dime in new refineries in forty years will now auto-magically forgo the profit motive and begin to reinvest in alternative energy. Perhaps the president has detected a sudden upwelling of community spiritedness in his big oil cronies?

Let's not forget that corporations exist solely to increase their own profits, and are legally prevented from taking actions that would reduce their own profitability. In the current climate of gargantuan CEO salaries, consolidation of privilege and energy robber-baronism the reinvestment Bush imagines will simply never take place.

Look how well the policy of "just trust big business" worked for the Enron employees who lost everything.

It appears that on this extremely sensible proposal Mr Bush is still the decider and he decides no.