BeemerMike
Republic of Texas
ÔÇ£Sen. Arlen Specter, R-Pa., chairman of the Senate Judiciary Committee, is backing legislation to toughen antitrust laws relating to oil company mergers, and says a tax on extraordinary ÔÇö windfall ÔÇö profits could help cut fuel prices.ÔÇØ
ÔÇ£Sen. Carl Levin, D-Mich., who appeared with Specter, said gasoline prices ÔÇÿwould come down within a matter of daysÔÇÖ if President Bush said he would support a windfall profit tax on oil companies.
"Scottish Law" Specter, Levin, and all the other "windfall profit tax" advocates never seem to explain how raising the taxes on something will make it cost less.
Oh . . . I know . . . if we pump more federal subsidies into ethanol production, it will magically become more efficient, have more energy density, and be cheaper per Btu than gasoline. Yeah . . . that's the ticket.