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November 10, 2005

Fuel to the Fire

My friend Lou just posted this entry on his blog about the oil industry's "excessive profits". Here's my response to his post with links added:

I think the quote that sums up this whole farce is this one from Barbara Boxer (D- California) addressing Oil execs in the Senate Hearing (from the NYT):

"Working people struggle with high gas prices," she said. "And your sacrifice, gentlemen, appears to be nothing."

First of all, working people having to pay market costs for gasoline is not a "sacrifice", but of course Boxer doesn't really care, she just wants to paint a picture of a collectivist society where those who create wealth have a responsibility to make sure those who can't create it be treated "fairly", in other words the oil "profiteers" should sacrifice for the common good. Except where was she when the Oil industry was taking a hit and losing money, when their stocks were tanking, was she calling for "shared sacrifice" then? No way, politicians like her figured it was the oil industry's risk of being in business, so, different class, different rules. How's that for some classism? Totally incompatible with individual rights!

Ah, of course, those in the know will point out that Big Oil has received subsidies and tax breaks to prop it up, so you could say the government is an equal opportunity muckerupper in peoples' lives. But the subsidies and tax breaks don't even come close to compensating for all the money lost to overregulation, existing price controls, and taxation. Hell, why do we need subsidies for the oil industry in the first place? Because ever since the government stepped in and did society the favor of breaking up Standard Oil, the most efficient oil producer in history, the oil industry has had to deal with this enforced crippling in the name of "fairness", ie, one company should not be allowed to win, no matter how superior it is. Oh well, it's all for the public good, right? .. grrrrr!

Posted by exaltron at November 10, 2005 02:01 PM

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