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Politics : Formerly About Advanced Micro Devices
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To: Road Walker who wrote (256002)10/18/2005 7:38:38 AM
From: kech  Read Replies (1) of 1572842
 
The Bush admin is manipulating taxes to benefit the energy companies, that are already getting a huge event windfall. It's easy to provide budget neutral conservation tax incentives and penalties that will make a dramatic difference in consumption.

The incentives are for refining and they are mostly reductions in regulations that have been put in place due to the NIMBY syndrome - everyone says we need more refineries, but nobody wants one in their back year and no company sees a way to profit by building one after all the regulatory restrictions and delays. Apparently you would like to prefer that we keep such a vulnerable bottleneck in our economy.

Keep in mind that there are actually several industries within even the oil industry: oil exploration, oil production, oil refining, and oil distribution. High profits in one does not ensure investment and expansion in another. This is particularly since many of the integrated companies have spun off their refineries to independent companies. Remember nobody wanted to touch an oil company in the 90's and they consolidated to reduce expenses. Windfall profits against the exploration and production groups is silly. You would like to penalize the one incentive that gets them to go out and discover more oil because they are making money? Windfall profits against refiners is also disastrous. This is where we no there is a major shortage right now. Again you think such a tax would increase refinery capacity or decrease refinery capacity ? Ans. decrease capacity and increase price.
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