http://www.qando.net/ - Obama or Chavez?

[] moved Tuesday to take a greater cut of windfall oil profits, approving a 50 percent tax on ... oil companies when crude tops $70 a barrel.

The tax rate would rise to 60 percent when the average monthly price for benchmark Brent crude exceeded $100, according to the bill approved by [].

Of course you knew it was Chavez:

Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50 percent tax on foreign oil companies when crude tops $70 a barrel.

The tax rate would rise to 60 percent when the average monthly price for benchmark Brent crude exceeded $100, according to the bill approved by Venezuela’s National Assembly. The legislation will take effect as soon as it is published in the official gazette.

But given some statements recently ...

“I’m Barack Obama. I don’t take money from oil companies or Washington lobbyists and I won’t let them block change anymore. They’ll pay a penalty on windfall profits. We’ll invest in alternative energy and create jobs and free ourselves from foreign oil. ...”

... it is hard to tell a difference anymore, isn't it?

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Sweet, now supply will decrease and prices will go higher.

Written By: Grimshaw
URL: http://

Also, corporate taxes will increase, and prices will go higher. I see a pattern.

Written By: Is
URL: http://

I’m still trying to figure out how Obama’s plan mentioned in a commercial running in Pennsylvania will bring down gasoline prices. Then again, I think the point of the commercial isn’t to make me think about the oil industry as much as it’s supposed to provoke a "Obama hates the oil companies so he must be good" response.

Written By: InebriatedArsonist
URL: http://

Am I missing something? I thought Chavez took over the oil companies in Venezuela... And foreign investment has withered away (which usually happens when assets are confiscated). So who are the foreign oil companies still operating there that are going to be taxed?

Written By: JAMES AMENT
URL: http://jrament.blgspot.com/

So who are the foreign oil companies still operating there that are going to be taxed?

If I’m not mistaken there are still a few favored (among them, I think, is one out of Brazil) foreign oil companies there - just not ones from the US.

I assume this will drive the rest of them off and put a underperforming Venezuelan oil industry in even further disarray.

Couldn’t happen to a nicer guy.

Written By: McQ
URL: http://www.QandO.net

Does this guy have a functioning neuron?

Written By: Jeremy Bowers
URL: http://www.jerf.org/iri

If they pay a "penalty" on windfall profits, that must imply that they’re going to get reimbursed for windfall losses, right?

I mean, if one is unearned and thus should be taken, the other must be undeserved and thus should be padded, yes?

Written By: Sigivald
URL: http://

Does this guy have a functioning neuron?

Chavez is following the Castro playbook which is wreck the economy enough so that the populace must depend on the state (ie. you) to provide for them. Starving people can’t rebel (see Zimbabwe for an example).

As for Obama, not really. All he does is muttering something about "hope" and "change" on command.

Written By: Kevin
URL: http://www.thelibertypapers.org

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