point=missed
traditionally it was oil brokers and companies that drove the oil commodity markets with mild swings when it got tight and loose. Now every 2 bit money manager who doesnt have the vaguest clue about supply and demand is plunging in oil. Our last price respite came when a largish firm that diddled with pension funds lost 100's of millions in the oil market and the other gamblers got scared. If pension funds lose a ton that is taxpayers picking up the tab.
The main point is instead of taxing the oil companies 10% lets tax commodity profits in essential sectors, oil water and electricity natural gas coal at %50. In the case of oil the government would capture the same profit margins as the oil companies at the current rates while the oil companies tax bill would remain the same as today. What I was AAAARRRGGING about is that people think it is exxon bp shell etc that is the cause of these high prices when actually its every steamboat highroller with a top hat who has discovered tulips. Get those fuckers out of the market and we would have 1.85 gas at the pumps.
thanx,
bill
