Re: Are Oil Companies Breaking the Law and If Not Should Laws be Chang
Oil companies are not breaking any price gouging laws.
There seem to be two general proposals:
1. Pass a law that says, in effect, that gas has to be cheap and abundant. And then if that works, we can pass a law saying that AIDS and cancer won't kill people anymore.
2. Tax the "windfall profits" the oil companies are making. Somehow, this idea manages to be worse than idea #1. This is essentially a form of government-sponsored theft which flies in the face of property rights and the rule of law. Furthermore, it would destroy incentives for future investment, which is what we desperately need right now.
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