What does Obama mean when he said he wants to tax windfall oil profits?

Question

Would that reduce gas prices?

Answer 1

No, taxes would actually cause prices to increase. He wants to tax everything and everyone to get more money for the government to waste. He figures the stupid people will support this one because they hate the oil companies. Same with taxing the rich. The stupid people will support that one because they hate the rich. The democrats love the stupid people.

Answer 2

the government already gets more money from taxes on oil than oil companies make from it, now they want more... figures.

Answer 3

It means he is repeating another administrations huge failure, only trying to make it sound sweet by giving people $1000 tax/energy rebate. It' was a failure then, it will fail now. It's just a desperate move to get elected. Off shore drilling won't work either, even though I agree we need to do "something."

Do what? Oil companies explore the lands they lease. Build more domestic refineries. Rebuild current refineries. Tax motorists  registration fees who buy huge gas guzzling vehicles used solely for pleasure, not business or construction work as opposed to taxing the oil companies. They don't build or compel people to drive gas guzzlers.

The oil ompanies have leases to lots of lands they don't explore. Exploration costs money. Share holders want huge returns. Retiring CEO's want huge retirement packages. I believe Congress is telling the filthy rich oil companies to start using the leased lands for exploration, or lose it. That's not smart either. If they lose the lease, there goes ALL chances for exploration.

The truth is, there is no quick easy fix. Prices are coming down because Americans demanded less. Stay out of those idiotic gas guzzlers. Drive more fuel efficient cars again. Slow down. Keep the cars tuned. Car pool. This reduces demand & will lower prices as we are now seeing.

Answer 4

he means he wants to sock it to us,

Answer 5

I am assuming Obama is referring to a "flat tax", which is a tax imposed on a sudden increase in the income or profit of a firm or industry--also known as an ad valorem tax.

Ad valorem tax is a property tax for oil-producing properties, assessed at a flat rate for each barrel of oil produced.

Since most barrels of oil produced are no longer produced in the United States, who does Obama suppose he is going to tax?