The Democrat plan to tax oil companies was the dumbest most counter productive Bill that I have every witnessed the Dims try to foist on he American public.
Taxing oil companies may be good politics for those ignorant of the way the world works, It is good politics however. Labor Unions sent their followers in the streets screaming "Tax the Oil companies"
The should have been calling for "Drill here, Drill now, Lower prices" That policy will stimulate the economy, send thousands of additional workers into the oil patch and will result in lower gas prices for workers. But alas that is the Dim party. A policy to raise taxes isnever good for the economy, or for America.
But the truth about Oil is explained In a Heritage Foundation that wlll get the link for shortlly,but here is a summary of the Dims plan to destroy the US Oil Industry.
The proposal would empower Washington to
Raise taxes on domestic oil production. When Congress adopted this policy in the 1970s, domestic production actually dropped, making us more dependent on imports and hardly helping prices at the pump.
Pick winners and losers among energy alternatives. This strategy of government direction of the economy has failed time and again in the past and rewards special interests at taxpayer expense.
Impose counterproductive “price-gouging” legislation. Like price controls, Lieberman explains, such laws “try to make high prices illegal,” keeping new supplies from reaching the market. Without more supply, prices remain high.
typically, The Dims are pandering to the ignorance of Americans
The facts
http://www.heritage.org/Research/EnergyandEnvironment/wm1951.cfm