Exxon Mobil Corp. announced record first quarter profits. Ok.
In response, Senator Bob Casey, (D-PA) introduced a bill to tax windfall profits. Casey somehow “hopes will curtail rising gasoline prices.”
How? On what planet, if any, did Casey study economics. What economic model, if any, says that providing a disincentives to produce a commodity will somehow lower the price of said commodity? When have production disincentives ever lowered the price of anything?
In the opposite plane, rental controls have demonstrated history of producing housing shortages. Disincentives to produce gasoline can only mean less gasoline and yet higher prices.
Now I don’t hold any shares in Exxon-Mobil and have no direct interest in their corporate profits. However I do consume gasoline and have no interest in some hair-brained scheme which can only result in higher prices.
Is that the only solution the democrats have to offer for any problem, yet higher taxes.
(H/t photo: Times-Leader(PA))
