DTF.com.au - Outrageous Oil Profits?

Outrageous Oil Profits?

With all the hatred being thrown at the (insert scary music here) Big Oil Companies, and Congressional hearings an almost certainty... the thought of attacking big profits comes to mind. Considering that Big Oil makes about 8.5% will the Congress also be investigating the following businesses and services? Casinos 10.5% Beverage Brewers 10.5% Asset Management 10.5% Hotel/Motel 10.6% Money Center Banks 10.6% Integrated Circuits/ Semiconductors 13.6% Cigarettes 13.7% Steel and Iron 13.8% Railroads 13.9% Long Distance Carriers 15.8% .... Healthcare facilities...and a boatload of others have higher profit percentages.... and the grand daddy of them all? Hedge Funds at 87% !!!! So, do we investigate them as well?????? What are your opinions on this? http://www.glennbeck.com/content/articles/article/198/11200/ http://www.glennbeck.com/content/articles/article/198/11289/

Public Comments

under Nixon they enacted a windfall profits tax when oil went nuts....GEE, prices went down right after that happened..................This guy is sleeping with the saudi's .so no go................ I don't know where you have gotten your figures,but Citi and Chase are in trouble,Railroads(amtrack is subsidized)......... assett mngt usually takes 1% of a portfolio per year......... cigarettes...........your kidding on that one............. Hedge funds ........They are privately held and go belly up on their own quite often.and the profit they make are trading profits....................it is not like making computers or baseballs.............
Demagoguery, of course. The latest proposal (among any number of Obama's, which are equally asinine) is to levy additional taxes on these "excess profits." Anyone who thinks that this will increase the oil supply, or somehow reduce prices at the pump, is completely ignorant of economics. Meanwhile, the prohibitions about drilling on millions of acres continue; the shortage is costing the US economy a billion dollars a day -- but no caribou on the ANWR need look at an oil rig.