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June 16, 2009

CA democrats seek to shutdown state's oil industry

By imposing an almost 10% penalty tax on oil produced within California.

...Democrats yesterday suggested a $15 automobile license fee and said they may consider a 9.9 percent per-barrel charge on oil produced in the state...
This is the fundamental problem with a lot of democrats - they don't understand Newtonian physics and Econ 101. If you make selling native CA oil more expensive than say importing oil from elsewhere in the US or even [gasp] foreign oil, then the California oil wells are simply going to be shutdown because there are cheaper alternatives and the owners of those wells know that keeping their own oil in the ground longer ultimately makes it more valuable years down the road.

All this idiotic proposal will accomplish is a net decline in tax revenue. CA wells will be operated at minimal levels sufficient to pay property taxes and such, and with a chunk of CA production taken off the world market, oil prices will rise further than necessary, and the CA public will be double whammied by the tax revenue decline and higher gas prices.


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posted by Purp at 05:26 PM

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