LETTER: Biden threatens a windfall profits tax on oil companies
President Joe Biden is at it again, threatening the oil companies with a windfall tax on “profiteering.” He is dissatisfied that they are not producing more oil and lowering the price of gasoline. This type of a tax was tried in 1980 and all it caused was less production of oil and higher gasoline prices.
President Biden does not appear to have a real grasp of how oil is sold in the real world, but this propaganda is good with the masses who love to go along with the oil companies as villains. Just remember, the world used to use whale oil until the oil companies came along. So, in essence, they saved the whales and have revolutionized the modern-day world.