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Obama Pledges Imposing "Oil Windfall Profits Tax" -- Right Message, Wrong Language

Commented Jun 14, 2008 at 08:06:16 in Business

“Don't look now, but $4.00 gal oil prices are going to be the stimulus to dig our way out of the oil pit that we have all become mired in. Alternate energy innovation will never be sufficiently motivated or financed without the stimulus of high oil prices. This will soon prove to be a blessing in disguise and finally lead us out of the oil abyss. Even the oil companies recognize this and are starting to invest in new avenues of alternate energy to eventually protect their income streams. It's no accident that new refineries are not being built. Anyone who plans 10 years out can see that there will be no need for them and save the huge capital expense and loss.

It is happening even as we think and argue about it. While its a short term inconvenience, I only hope that oil maintains its high price long enough to drive effective change in our energy production.”

DallasMike on Jun 16, 2008 at 14:06:03


"It's no accident that new refineries are not being built."?
If Bill Clinton had not killed drilling in ANWAR back in 94 or 95 there would be 1 million barrels of oil flowing as we speak and new refineries.
And if you think that we will be oil independent in 10 years your crazy.”