I think that there are two new candidates for our rogues gallery of politicians who are unlikely to ever be endorsed by CIVPAC. Sen. Sheldon Whitehouse (D,R.I) and Rep. Ro Khanna (D, CA.) have introduced legislation to impose a “windfall” profits tax on major oil companies. As long as they are at it, why not impose a windfall profits tax on the sale of used cars, existing family homes, gold and bitcoin? Why single out investors in oil and gas?
I worked at the Department of Energy in the late seventies, during the last “windfall” profits tax on oil and gas, and I can tell you it is an administrative nightmare. Once enacted it will be hard to get rid of and it will inevitably discourage oil and gas production at the very moment we should be doing everything possible to ramp up that production to offset the impact of boycotting Russian energy exports.