Just when you thought Atlas Shrugged was fiction ....
Christian Science Monitor: Congress grills oil executives about the price of oil and CEO salary. Too bad Congress never holds hearings on its own salaries.
Of course, what sparked the hearings is a six year high in oil prices, forgotten is that no one was holding hearings six years ago when oil was at a 50 year low.
Even better, some are proposing a windfall profit tax that oil companies would have to pay if oil goes over $40 a barrel. One wonders whether this proposal would include subsidies if oil dropped below $20 a barrel.
The article claims that "At issue: How much trust should be placed in free markets? And more pointedly, how free is the market for energy?" The answer - alot more trust than one should place in congress to determine prices.
What is telling is what does not seem to be at issue - The oil companies built the refineries, wells etc. shouldn't the profit be theirs by right? By what right does congress have a claim to any of their profits?
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