I've said all along that, politically, Obama was on the wrong side of the tracks in opposing Clinton's move to accept the gas tax in conjunction with a windfall profits from Oil companies. Obama, having voted 3 times for a similar gas tax holiday in Illinois (without hammering the Oil companies), said it failed. Well, it turns out it didn't fail in Illinois, as George Frost writes on Salon, Obama is wrong about the gas tax, but that's just another 'gotcha' moment that no one would be surprised by-- Obama himself has been rolling out 'gimmicks' like proposing a 'second tax rebate' himself this week.
Unfortunately, what gets lost in the whole 'protect your candidate' mode of discourse is that Clinton move, in her linkage of the gas tax to oil profits, significantly moves the debate to a more progressive landscape, by being able to link a popular stance that Republicans traditional club Democrats on, with way more accountability of the Oil companies:
How to enforce this? Make it against the law for oil companies to pass the price of the windfall profits tax on to consumers, and then audit the oil companies' books. It is not a difficult accounting exercise to tax excess profits above a certain gross percentage per barrel of oil, or gallon of gas. Every major oil company has sophisticated profit segmentation reports that go to the very senior management of the company. These reports identify revenues, costs and profit at each level of the vertically integrated operation, broken down on a per barrel basis by product type, marketing region, you name it.
The oil companies also will have a powerful inducement to avoid being caught -- and in this kind of toxic political environment, they may actually swallow the tax.
But it takes a little bit of courage to take them on, and a belief that we do not always have to be victims. Obama -- where is your optimism?
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