AmericanTruckersAtWar

Professional, Polite, Prepared to Kill

OIL PRICES: ‘08′S DEFINING ISSUE

Gas prices are the first important issue in the 2008 elections. But both parties have been pathetic in their solutions and, one suspects, in their understanding of what is going on.

Democrats call for windfall profits taxes. Bad idea. How can you get oil companies to explore and drill if you tax away their profits? Republicans focus on a gas tax “holiday,” an 18-cent palliative to gas prices that now top $4.50.

Fadel Gheit, managing director of oil and gas research for Oppenheimer and Co., and Jim Norman, author of the book The Oil Card, coming out next month, say that speculation is responsible for a huge part of the run-up in prices.

The growing demand for oil by India and China and the instability of oil supplies certainly account for much of the increase. But the recent spike, they say, is equally due to the weakness of the dollar and massive speculation.  More from Dick Morris.com

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June 18, 2008 - Posted by | economy, trucking | , ,

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