Windfall Windmills

December 1977
National Review;12/23/1977, Vol. 29 Issue 50, p1476
This article focuses on the economic policy of the U.S. President Jimmy Carter administration toward the petroleum industry in the country. President Carter has been unable to compromise on energy policy largely due to his worry that some American oil company might earn extra profits. The administration's proposal for taxing away the entire difference between the controlled oil price and the price of oil in the world actually means a 100 percent tax on alleged excess profits. The President's tariff on domestic production of petroleum is strange, unless one assumes a conscious strategy of consuming foreign resources first.


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