Oil companies are in deep trouble with heavy debt loads that will force many into bankruptcy. They have laid off a couple hundred thousand workers. Related and support businesses are reporting a 35% decline in business, sparking further layoffs. Financial stocks are taking a hit as investors fear the coming bankruptcies will affect the bankers. The average person is getting a break on energy costs, helping offset the big increases in healthcare and college costs.
So what does the Socialist-in-Chief propose? A huge tax increase of $10/barrel on oil, which is about a 30% increase of the price per barrel. Who does he think will really pay for that increase? Does he think there is any chance that the increase in taxes will not be past along to the consumer?
So what does the Socialist-in-Chief propose? A huge tax increase of $10/barrel on oil, which is about a 30% increase of the price per barrel. Who does he think will really pay for that increase? Does he think there is any chance that the increase in taxes will not be past along to the consumer?
