Good Press, Bad Public Policy to Tax Oil Companies
From today's Detroit News, my article "Penalizing Oil Companies Ends Up Hurting America,"
"Major U.S. oil companies already spend more on energy research and development (including biofuels and other renewable energy sources) than they earn in profits. That's on top of huge capital investments to meet our nation's growing demand for oil and natural gas.
Stigmatizing and penalizing our own oil companies might make for good press but it is bad public policy. It will likely lead to higher energy costs for American consumers, as well as undermine the efforts to reduce our nation's dependence on Middle East oil and strengthen national security."