After oil companies released their first-quarter earnings figures — showing exceptionally high profits — Democratic leaders predictably called for an end to “subsidies.”
Lawmakers promptly hauled some top energy CEOs to Washington, accused them of greed, and introduced legislation to impose new taxes on oil and natural gas companies.
That bill was defeated, but some lawmakers continue to gin up public support for huge new taxes. Don’t be fooled. Much of the rhetoric surrounding oil taxes and profits is misleading. Read More»