{"id":89,"date":"2008-05-06T12:41:33","date_gmt":"2008-05-06T16:41:33","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=89"},"modified":"2008-05-31T17:16:45","modified_gmt":"2008-05-31T21:16:45","slug":"gas-prices-and-politics","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2008\/05\/06\/gas-prices-and-politics\/","title":{"rendered":"Gas Prices and Politics"},"content":{"rendered":"

The only thing worse than a trip to the gas pump these days is listening to John McCain, Hillary Clinton and Barack Obama talk about energy policy. John McCain and Hillary Clinton both say they’ll bring us relief at the pump with a temporary moratorium on the 18.4 cent per gallon federal gas tax. To his credit Barack Obama opposes the moratorium\u00a0idea\u00a0as a political stunt but supports a 1970s style windfall profits tax on oil companies (as does Clinton).<\/p>\n

Never mind that the federal government already takes 35% right off the top with the corporate income tax, Barack Obama wants to slap and additional tax on what he calls “excess profits”. What exactly are excess profits? As far as I know a business is supposed to turn a profit and theres no limit on how large that profit can be. But that’s neither here nor there, the real issue is this…<\/p>\n

If our elected leaders really wanted bring down the price of gas and stimulate the economy they’d be talking about tapping domestic energy supplies both off shore and in Alaska, reducing the corporate tax rate and strengthening the dollar. They wouldn’t be talking about cheap political stunts or reviving failed policies from the 1970s.<\/p>\n

Lets not forget windfall profit taxes have been tried before and they ended up reducing domestic oil production and increasing imports*… Exactly what we don’t want.<\/p>\n

*The Wall Street Journal, “Windfall Profits for Dummies<\/a>” May 3, 2008, Page A10: “The Congressional Research Service found in a 1990 analysis that the tax reduced domestic oil production by 3% to 6% and increased oil imports from OPEC by 8% to 16%”.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The only thing worse than a trip to the gas pump these days is listening to John McCain, Hillary Clinton and Barack Obama talk about energy policy. John McCain and Hillary Clinton both say they’ll bring us relief at the pump with a temporary moratorium on the 18.4 cent per gallon federal gas tax. To […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[20,7],"tags":[33,39,40,35,1365],"class_list":["post-89","post","type-post","status-publish","format-standard","category-money-and-investing","category-politics","tag-gas-prices","tag-hillary-clinton","tag-john-mccain","tag-oil","tag-taxes","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-1r","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":103,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/05\/29\/congress-to-blame-for-high-oil-prices\/","url_meta":{"origin":89,"position":0},"title":"Congress To Blame For High Oil Prices?","author":"Jeff","date":"May 29, 2008","format":false,"excerpt":"That's what Mackubin Thomas Owens says in an OpEd piece in today's Wall Street Journal. Gasoline prices are through the roof and Americans are angry. Someone must be to blame and the obvious villain is \"Big Oil\" with its alleged ability to gouge consumers and achieve unconscionable, \"windfall\" profits. Congress\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":725,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/08\/100-economists-warn-that-barck-obamas-tax-proposals-could-throw-the-us-economy-into-recession\/","url_meta":{"origin":89,"position":1},"title":"100 Economists Warn That Barack Obama’s Tax Proposals Could Throw the US Economy into Recession","author":"Jeff","date":"October 8, 2008","format":false,"excerpt":"I've been debating whether to post this all day... Yes, it's from the McCain campaign but ultimately I think it would be foolish to dismiss the opinion of a group of experienced economists out of hand. Economists Statement On Barack Obama's Risky Economic Proposals 100 ECONOMISTS WARN THAT WITH CURRENT\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":162,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/07\/28\/ho-hum\/","url_meta":{"origin":89,"position":2},"title":"Ho-hum…","author":"Jeff","date":"July 28, 2008","format":false,"excerpt":"I've been digging around looking for something interesting to blog about over the past few days and so far I've come up dry. I could write about Barack Obama's world tour but that's been done to death and frankly I can't think of anything hasn't already been said. So I\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":171,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/08\/04\/back-to-the-70s\/","url_meta":{"origin":89,"position":3},"title":"Back to the 70’s","author":"Jeff","date":"August 4, 2008","format":false,"excerpt":"Everything old is new again or here we go again... Back to the 70's. Every time I listen to democrats in talk about energy policy I feel I've been transported back to the 1970's. Admittedly some of of their suggestions like making sure your tires are properly inflated or getting\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":505,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/09\/26\/poll-question-who-won-the-first-debate\/","url_meta":{"origin":89,"position":4},"title":"Poll Question: Who Won The First Debate","author":"Jeff","date":"September 26, 2008","format":false,"excerpt":"[poll id=\"5\"] Overall I thought McCain won on points\u2026 Although it was closer than it should have been. McCain clearly won on foreign policy but on the economy it was at best a draw. McCain needs to drop the populist rhetoric and stand up for conservative economic principles... In particular\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":756,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/13\/95-illusion\/","url_meta":{"origin":89,"position":5},"title":"95% Illusion","author":"Jeff","date":"October 13, 2008","format":false,"excerpt":"The Wall Street Journal has a great analysis of Barack Obama's \"tax cut\" proposals today. The Journal's analysis should come as a surprise to anyone... In short Obama \"tax cuts\" are 95% illusion. One of Barack Obama's most potent campaign claims is that he'll cut taxes for no less than\u2026","rel":"","context":"In "Politics"","block_context":{"text":"Politics","link":"https:\/\/www.jasetaro.com\/blog\/category\/politics\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/89","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=89"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/89\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=89"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=89"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=89"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}