Big Oil News

Today it is reported that politicians killed new offshore drilling legislation and crude prices soared. It is also being reported that oil supplies dropped more than expected but wait a couple of days. If things happen like they usually do their will be a oil report saying supplies rose.

I'm hearing talk of windfall profit taxes on big oil. Makes more sense than fuel taxes on struggling consumers. It has always been the policy of this rag to base taxes on the ability to pay them. Plenty of poor people consume and can't afford to pay taxes.

You hear a lot of talk about how no new refineries can be built in America. Let's examine some possible solutions. How about reformulating fuel types in a way they need less refining? How about re-examining turbine engine cars because they can burn straight petroleum without refining. You know it might make more economic and process efficiency sense to just burn oil straight to generate electricity to power electric cars.