Republicans Block Windfall Profits Tax

In a 51-43 vote today, Republicans blocked the Senate from passing a windfall profit tax on the oil industry.

Some will say (like this guy) that this infringes on the freedom of companies to make profits and interferes with the free market. Companies should be allowed to make however much profit the market will allow.

To a certain degree that's true. However, in true free market style, let's open this up to the free market. Many companies are given a pass on paying royalties for crude extracted from federal lands. That's right. While ABC Oil Company, Inc. is drilling on taxpayer land and extracting oil, refining it and selling it for record profits, we the taxpayer give them the oil FOR FREE.

Maybe we should find out how much those companies are willing to pay for their profits. Let's reopen the leases and have a bid on who gets to drill. Wouldn't that be "free market." Or would making a company pay for it's resources be too communist for the market. If you follow that logic (and it is faulty) I can get to the most (il)logical conclusion: Truckers should stop in to refueling stations and fill up with diesel, then drive off. ABC Oil needs free crude to operate and make huge profits. Truckers need free diesel to operate and make huge profits.

I'll say again to those opposed to windfall profits taxes: the oil companies make money for free and are experiencing record profits. It is only fair in a free market system that the taxpayer who is subsidizing their profits should see some of that.