There they go again. The price of gas goes up, so it is time for the ritual of bringing in oil company executives to accuse them of being un-American. The latest populist ploy is to ask these companies to give up tax subsidies.
Oil companies, in fact, receive no special subsidies but do take legal advantage of the tax code like all companies do. Democrats want to change the tax code, but only for five oil companies as they resent their profitability.
Shouldn't they also consider incremental taxes for Google, Apple and Microsoft? Maybe they should have a commission that decides which companies make too much money and should be singled out for special taxation.
Forcing oil companies to pay more taxes will not reduce the price of gas, but plays well with Democratic voters.
I wanted to see one of these CEOs point out that prices will continue to go up as long as drilling will not be permitted where there is a high probability of success. This administration has no energy policy short of hoping for a lot of wind to power the country. Just announcing that we will go all out and drill in the Arctic National Wildlife Refuge, offshore Pacific and Atlantic and in the Gulf would immediately drive prices down.
Going after oil companies is typical Democratic sleight of hand designed to take the eye off the ball and allow the administration to ignore the obscene spending that is moving the country toward bankruptcy.