Skip to comments.Gasoline Prices
Posted on 05/06/2006 10:26:01 AM PDT by SelGraham
President Carter, on January 23, 1980, gave the US oil market demand to OPEC.
The Democratic Congress, on March 27, 1980, passed the Domestic Crude Oil Windfall Profits Tax which was fatal to the US domestic oil producing industry.
Cheap US oil production has been declining rapidly for 20 years.
Expensive foreign oil has been replacing declining US oil production for 20 years.
Expensive foreign oil has been causing gasoline prices to rise for 20 years.
Er ... Welcome to FR.
Good beginning to the article to start sending as an email reply to all the "Boycott Exxon-Mobil this Monday" emails.
Um, domestic production has been depressed by low prices.
Now that the prices are high, they're doing it again.
But you're right that a windfall profits tax would shut them down.
"(Excerpt) Read more at iUniverse.com ."
What excerpt??? Give a total link please.
The WPT was just icing on the cake to insure that OPEC's grip would continue.
Don't forget Lee Raymond's parachute. That added 10 cents to 4 billion gallons of gasoline.
What a riduculous statement. He lead the company for ~12 years and they produce a multitude of fuels, lubricants and chemicals. They generate income from vehicles as well as avaiation, marine transport and industrial petrochemicals. US gasoline sales makes up a very small percentage of ExxonMobil's income.
Hey newbie - vanities are frowned upon here. Post actual newsarticles.
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