Those gasoline lines and how they got there

Book · Tue Jan 01 00:00:00 EST 1980

OSTI ID:6529089

Merklein, H A; Murchison, Jr, W P

An energy economist, Dr. Merklein, and a syndicated newspaper journalist, Mr. Murchison, combine their talents in one of the most scathing indictments yet of government energy policies. It is bad enough they feel that controls on petroleum have not worked to encourage energy production; worse that they should be used to mask the government's lack of a coherent energy policy - and to persuade trusting citizens that the energy producers are the culprits in this whole affair. To blame energy producers for producing too little energy is, in itself, a curious idea, they note. An entire chapter is devoted to an explanation of the windfall profits tax legislation. The authors assert that the term windfall profits is actually the grossest misnomer. It is not profits that Congress meant to tax; it is price, which makes the levy an excise tax, like those applied to tobacco products, alcoholic beverages, gasoline, cosmetics, etc. They point out that any taxes borne by the oil companies - or any other company - are not borne by the companies, but by American consumers. Their conclusion: by vastly increasing the oil industry's tax bill, we impair the industry's ability to expand production of domestic oil and thus blunt OPEC's oil weapon. The ultimate victim of current government energy policy: American consumers.

• OSTI ID: 6529089
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING
POLICY AND ECONOMY
ENERGY POLICY
EVALUATION
GASOLINE
SHORTAGES
NATURAL GAS
PETROLEUM
PETROLEUM INDUSTRY
REGULATIONS
PETROLEUM PRODUCTS
WINDFALL PROFITS TAX
PRODUCTION
RESERVES
ENERGY SOURCES
FLUIDS
FOSSIL FUELS
FUEL GAS
FUELS
GAS FUELS
GASES
GOVERNMENT POLICIES
INDUSTRY
LIQUID FUELS
RESOURCES
TAXES
294002* - Energy Planning & Policy- Petroleum
293000 - Energy Planning & Policy- Policy
Legislation
& Regulation
294003 - Energy Planning & Policy- Natural Gas