Crude-oil futures rolled further downhill Tuesday as turmoil on Wall Street encouraged investors to exit futures contracts to raise cash.This is bound to affect Exxon's bottom line and dramatically cut into their profits. If we were willing to soak them with a windfall profits tax, it's only fair to start debating subsidies for them now that they look to take a financial hit.
Light, sweet crude for October delivery was recently down $4.60, or 4.8%, at $91.11 a barrel on the New York Mercantile Exchange. November Brent crude on the ICE Futures exchange, which debuted as the front-month contract Tuesday, fell $4.80 to $89.44 a barrel.
Tuesday, September 16, 2008
Anyone for a Windfall Losses Subsidy for Big Oil?
From today's WSJ: