Politicians and Oil Price Increases

Let’s repeat the left-wing political drill. Every time the price of oil and gasoline goes up, call for a congressional hearing and put oil company CEOS on the grill.

Of course, the results, after all the political hoopla, will be the same. The politicos find nothing despite all efforts. The media get their headlines and stories. But the facts will be overlooked.

Moreover: The oil companies pay an effective tax rate of 39.8%, much higher than most corporations, far too high in an industry where exploration is so necessary and so expensive.

Facts: Oil prices are determined by expectation of future long-term oil production. Supply and demand for oil play an important part, and the left does all it can to reduce supply. So the left-induced Merry-go-Round goes on and on. (See the Earl J Weinreb NewsHole® comments and @BusinessNewshole tweets.)