- Record prices for gas have been accompanies by record profits for the oil companies, punishing the
little guy instead of billionaires.
- Rich oil executives are making millions in options and bonuses, even if their companies aren't
very profitable.
- Money brought in could be put into an energy trust fund or alternative fuel research; it also could be put
into other areas where we need funds such as defense, education,
social security, etc.
- It ensures there won't be price gouging since unreasonable profits are taken.
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- Gas prices will likely increase since oil companies will factor the tax into their prices.
- Less potential for large profit means less incentive to invest in exploration, drilling, and refinery development;
thus, it will lead to supply problems and greater foreign oil dependence.
- Companies shouldn't be punished just because they are successful.
- Oil stocks, which are owned by many Americans in 401(k)'s and other critical investment portfolios, would likely
plunge in value.
- The tax would increase inflation, leading to higher prices on items unrelated to oil.
- Corporate profits of non-oil-related companies would tax a hit; thus, the decrease in corporate tax revenues
would offset the money brought in by oil taxes.
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