Too weird Tuesday
The old Republican oil man cozying up to Barack Obama. The young U.S. Senate liberal and president-elect backing off on a windfall profits tax for energy companies. This wasn’t Black Friday. It was Too Weird Tuesday. On the same day this week, Boone Pickens said Obama gets it on energy and the nation could finally get a national energy policy – something that eluded the current president who actually knows something about exploring for oil. Obama meanwhile has backed off on a punitive windfall profits tax because crude oil and gasoline prices have fallen so low. One of the components of a national energy policy should be to avoid punishing companies for doing what they’re supposed to do, which is bring energy sources to the market. But another runup in gas prices next year will likely have the next president salivating for a special tax. Perhaps Pickens can talk him out of it.
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