Why do liberals think that taxing the oil companies will bring the price of gas down?

Are they just looking for someone to punish because gas prices are so high?

Don’t they know that the price of gas will go up to cover the tax increase?

Don’t they realize that taxes on gasoline are four times as much as the oil companies profits?

Don’t they realize that most of these profits benefit pension funds that invest in oil companies?

Don’t they realize that oil is an international commodity and American oil companies only produce about 5% of worldwide oil and have little if any control over the price of a barrel of crude oil?

Don’t they realize that that 73% of the price of gas is the cost of the crude oil, which American companies buy mostly overseas?

Don’t they realize that the only way to reduce the price of crude oil is to increase the supply or reduce the demand?

Don’t they realize that drilling for oil in the US, building new nuclear power plants and by liquifying coal and oil shale, would increase oil supply and reduce prices over the long run?

16 Responses to “Why do liberals think that taxing the oil companies will bring the price of gas down?”

  1. t79a Says:

    The purpose of an increased oil tax is not to decrease the price at the pump, it is to phase out oil all together. They plan to take the money from the increased taxes and pay for alternate fuel sources such as the nuclear power you’re toting. The world isn’t as wary of nuclear energy as it was in the day of Carter. The reason his plan wasn’t sucessful is his hands were tied on nuclear power. Let me also say, we liberals KNOW that Democrats block Republicans from allowing drilling and mining that causes ecologic and health disasters in it’s wake and is only a temporary fix. That’s why we elected them.

  2. Mary_mountain_lover Says:

    why do you care so MUCH about what happens to the "poor" big oil companies…and so LITTLE about the people suffering at the pump?

    Heartless…it’s becoming a pattern!

  3. amber 18 Says:

    Anybody who has really studied economics can’t possibly be a liberal… or they’re in that special high ellite group of liberals that benefit from the lower income citizen’s lack of knowledge…

  4. dillybar Says:

    Nothing you have said although it is all true will deter the liberals from beating the tax drum because they think that it will cover up their total ineptness in addressing the oil situation

  5. summer r Says:

    Taxing the oil companies will raise oil prices higher and guess who gets screwed. Um US!

  6. McClintock Says:

    If they up oil companies taxes, the price of gas will just go higher to make up for it.

  7. Holly Says:

    We all know the ring leader of that philosiphy was Carter and that it was full of fail in the 70’s and still full of fail.

    Obama agrees with this failed policy too!

    Be very careful who you vote for in November, is all I can say!

  8. Eraser Says:

    They are trying to sociallize the energy industry….

    First raise taxes and then set price controls….they will have effectively gained control of the business and profits….

    Get it?

  9. Dane Says:

    Class warfare, a perennial favorite of the democrats, it has nothing to do with lowering the price of gas, which it can’t, it is simply about punishing the "big bad oil companies" , also a perennial favorite, because it will make the professional victim class feel good.

  10. canam Says:

    That plan was tried by jimmy carter and failed miserably. Obama needs to come up with an original policy unless he wants the tax payers to suffer even more. Truth is, he could care less, he just wants to get elected even though he is not competent.

  11. KIZIAH Says:

    We’ve wasted eight years under Bush when we could have been devising and implementing alternative sources of energy. But Bush was paid off by big oil to suppress research and development. Obama has devised a plan to deal with our energy crisis.

    http://www.barackobama.com/issues/energy/

  12. sarge927 Says:

    Read this:

    Who’s to Blame for High Gas Prices?

    For several decades, the Democratic Party has pursued policies designed to drive up the cost of petroleum, and therefore gas at the pump. Remarkably, the Democrats don’t seem to have taken much of a political hit from the current spike in gas prices. Probably that’s because most people don’t realize how different the two parties’ energy policies have been.

    Congressman Roy Blunt put together these data to highlight the differences between House Republicans and House Democrats on energy policy:

    ANWR Exploration
    House Republicans: 91% Supported
    House Democrats: 86% Opposed

    Coal-to-Liquid
    House Republicans: 97% Supported
    House Democrats: 78% Opposed

    Oil Shale Exploration

    House Republicans: 90% Supported
    House Democrats: 86% Opposed

    Outer Continental Shelf (OCS) Exploration
    House Republicans: 81% Supported
    House Democrats: 83% Opposed

    Refinery Increased Capacity

    House Republicans: 97% Supported
    House Democrats: 96% Opposed

    SUMMARY

    91% of House Republicans have historically voted to increase the production of American-made oil and gas. 86% of House Democrats have historically voted against increasing the production of American-made oil and gas.

    PAUL adds: It’s useful to keep this sort of thing in mind when we hear (on something like a daily basis these days) that the Republicans have run out of ideas or that Republican ideas didn’t work. The truth is that most major Republican ideas weren’t tried because the Democrats blocked them. Increasing the domestic production of oil and gas (a move so obvious it barely meets the standard for being an idea) is hardly the only example. Social security reform and school choice also come quickly to mind. Republican-backed policies for increasing the number of Americans with health insurance were also blocked by Democrats. And so forth.

  13. socrates Says:

    During his 13 years as the C.E.O. of Exxon Mobil, Lee Raymond was paid $144,000 per day. A total of $686,000,000. Plus a car. Then, when he retired in Dec. ’05 he received a retirement package worth $400,000,000. Total it up and he made $28,000 per hour. We don’t need to bring the price of gas down. We need to get rid of oil. All oil. Everywhere. Now. Taxing the crap out of oil corporations and oil executives and putting the money into development of green energy is a good way to start.

  14. i'mLAZY Says:

    it’s a stupid idea to tax oil profits, any cost of added taxation will certainly be added to the price at the gas pump (companies are allowed by law to do this), nor are they required to cut prices in case of a tax cut. obama windfall tax plan for example will have ordinary people paying out of their teeth.
    tinkering with taxes will not help anyone on this issue.

  15. Compressorstall Says:

    Until people wise up and demand domestic oil production increase. The Democrat’s will still keep us depending on foreign oil and what ever they choose to charge for it.

  16. PFuller Says:

    Most raving anti-corporate types don’t have economics degrees. Amazing to me that these are the same people who think that all our problems can be solved by our largest national monopoly, the federal government.