jeffreymark

THE AMERICAN WAY

Gary Varvel

A CONTEMPORARY LOOK AT JED CLAMPETT

Michael Ramirez

BE AFRAID BE VERY AFRAID

Michael Ramirez

THREE CHOICES IN NOVEMBER

Michael Ramirez

DEJA VU ALL OVER AGAIN

What dunces the Dems were before. Are they destined to do it again? Michael Ramirez seems to think so.

William F. Shughart II, a Senior Fellow at The Independent Institute and Frederick A. P. Barnard Distinguished Professor of Economics at the University of Mississippi, analyzes the pastenergy policy mistakes of the Carter administration and issues a warning:

Under the pretense of protecting consumers from greedy Big Oil, some of the industry’s congressional critics have raised the possibility of reinstating a tax on “windfall” profits. But the attack dogs might do well to consider the consequences of such a punitive measure. A tax on profits would do more harm than good—a lesson we learned a quarter-century ago.

In 1980, President Carter signed into law the Crude Oil Windfall Profit Tax Act, which established excise taxes as high as 70 percent on the difference between the market-determined price of oil and a (lower) price set by law. The tax was dropped in 1987, but according to the Congressional Research Service, almost $80 billion was drained from the industry’s income statements while it was in effect.

Money that could have been invested in new oil and gas production and to expand refining capacity was instead diverted to Washington. It should come as no surprise that oil production fell. In fact, 1.6 billion fewer barrels of crude oil were produced in the United States from 1980 to 1987 than would have been produced otherwise. American dependence on foreign oil rose apace.

However tempting it may be for populist politicians to meddle in energy markets, almost anything Congress does will only make a bad situation worse. Oil and gas production is a risky business, as Katrina and Rita demonstrated so vividly.

LET'S JUST HOPE SO

Don't count on the liberal media's help in this one.

Gary Varvel

ILLUSTRATING MEDIA SYCOPHANTISM

Eric Allie

REPUBLICANS OUGHT TO RAISE THE BAR

Michael Ramirez

Go here for more on Congressional piggery.

REPUBLICANS DESTINED FOR OBLIVION II

Michael Ramirez illustrates the point I made in a previous article about McCain, compromise, and the demise of the Republican party.

THE CLINTONS AMONG THEIR OWN KIND?

Mike Lane