Our free-market economy is built on revenue. More revenue means more jobs along with higher incomes, more investment in equipment and people, and higher standards of living.
Revenue is the engine for all of this - and that includes the revenue of the major oil and gasoline corporations, particularly Exxon Mobil after they reported that they had earned more than $1,287 every second throughout 2007.
By signaling that supply is scarce, higher revenues encourage more production. Except, that is, when Congress, through its often hopeless lawmaking, stands in the way. And that's the case now with the oil industry.
Congress seems almost constantly at war with the oil companies - slapping them with taxes and questioning their CEOs while simultaneously ignoring the fact that higher profits lead to more exploration, drilling and development.
If anyone is to blame for our current energy mess, it's Congress. At least 20 billion barrels of oil sit untapped in Alaska and another 30 billion are located offshore - such sources that could help satisfy U.S. demand for years to come. Yet, Congress has put them out of bounds.
Ryan Emery
Towanda
Posted in Mailbag on Sunday, May 18, 2008 12:00 am Updated: 12:09 pm.
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