[WOBBLY BOB]

That is why as Investors Business Daily editorialized on April 26,2010 "At last count, 35 such investigations have been conducted over the decades, and none -- not a single one -- has turned up wrongdoing by investors or oilmen." All of this talk of speculation is just boob bait for bubbas, intentionally misleading the gullible, uneducated, and easy to command. As IBD added, "Rather than carry out another useless inquisition of private citizens, our political class should be investigating its own role in the price crisis. The result would be a revelation for those who fall for Washington's line about greedy businessmen whenever gasoline prices become painfully high."

But President Obama does have a policy answer to the question, what is your plan to address rising gas prices? He wants to raise taxes on oil companies. With all of the profits oil companies are making, Obama says, they don't need any subsidies. He labels $4 billion in tax loopholes as oil company subsidies and calls for those loopholes to be closed.

Oil companies should not be getting subsidies from the government in any event. But the dollar amount of oil profits is high because the oil companies invest such huge amounts to produce oil. As a return on investment or sales, oil profits are modest. While ExxonMobile and the other oil companies earn about 7% on sales, respected public citizens such as Google, Microsoft, and McDonald's regularly earn 20% or more.

Moreover, the fundamental truth is that the government doesn't subsidize oil companies. Oil companies subsidize the government. ExxonMobile alone pays more in income taxes than the bottom 50% of income earning citizens combined. In 2008 alone, ExxonMobile paid $116.2 billion in taxes. The effective corporate tax rate for all oil companies in 2008 was 42.3%.

************************************************************************************************************************************************* If you want the lower gas prices, lower oil prices, and lower energy prices necessary for a booming economy, you are going to have to get yourselves another President.

http://spectator.org/archives/2011/05/04/obamas-war-on-oil/

[Mind-numbed Robot]

Moreover, the fundamental truth is that the government doesn't subsidize oil companies. Oil companies subsidize the government. ExxonMobile alone pays more in income taxes than the bottom 50% of income earning citizens combined. In 2008 alone, ExxonMobile paid $116.2 billion in taxes. The effective corporate tax rate for all oil companies in 2008 was 42.3%.

In addition look at the other taxes on the products made from oil and gas. What about the state a local gasoline taxes, sales taxes on tires, plastic products of all sorts, some drugs, etc. The oil companies do indeed subsidize government in a large way.

Jimmy Carter tried price fixing and the results were terrible. They and Ronald Reagan made him a one term president.