Tuesday, September 16, 2008

Anyone for a Windfall Losses Subsidy for Big Oil?

From today's WSJ:
Crude-oil futures rolled further downhill Tuesday as turmoil on Wall Street encouraged investors to exit futures contracts to raise cash.

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.
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.

1 comment:

Anonymous said...

don't forget that there are big companies that don't pay taxes. i wonder how much companies like GM should pay while they're losing Billions of dollars a quarter...