[The Great RJ]

The Democrats solution to high oil prices will be to "punish" big oil with new taxes. This will have several effects:

• Raise the price of oil products (especially gasoline) for consumers as the oil companies pass on the cost of the new taxes
• Further reduce new exploration by the oil companies as they will have less profit to reinvest thus increasing our dependence on foreign sources.
• Further reducing refining capacity in the US as there will be less profit to invest in new refineries.
• Cause oil company stocks to drop in price hurting investors including pension and retirement funds.

Add to this new carbon taxes and $4 per gallon gasoline will seem a bargain.

[danmar]

# Further reduce new exploration by the oil companies as they will have less profit to reinvest thus increasing our dependence on foreign sources.

We already use foreign sources due to the fact that Texas crude is very thick hence harder to refine and therefore less profits for the refiners. What about the Canadian shale oil?...ahhh to costly to develop/retrieve! What about ANWR ? sitting on one of the biggest crude reserve!...taboo the Democrats screamed

# Further reducing refining capacity in the US as there will be less profit to invest in new refineries

When was the last time you've heard /read of any type of refineries been build since the '70'es?!
The restrictions are so draconian that no oil company want to spent upward of 2 Bill's to build one, unless it is a sliver of potential profit margin in the deal!

My question to the Government is, why not reign in on the market speculators who are the real culprits for the oil prices getting jacked up at this rate, instead the OPEC.
OPEC already said it is out of their hands to control the out of control spiraling crude prices fed by the price gouging market speculators.