Dems propose board to regulate oil profits: What could go wrong?

All they want is oil companies to make "reasonable" profits - as if there was such an animal in a free market economy. The Hill: Six House Democrats, led by Rep. Dennis Kucinich (D-Ohio), want to set up a "Reasonable Profits Board" to control gas profits. The Democrats, worried about higher gas prices, want to set up a board that would apply a "windfall profit tax" as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit. Silly us. Why would we think that responsible lawmakers would want to, you know, act responsibly and tell us what their idea of "reasonable profit" might be? The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding "a reasonable profit." It would set up a Reasonable Profits Board made up of three presidential nominees...(Read Full Post)