At the beckoning of President Obama, Sen. Robert Menendez once again introduced a bill in the Congress to increase taxes on oil and natural gas companies by about $4 billion annually. My colleague at National Taxpayer Union warned just Monday that, if passed, this measure would not reduce fuel prices, and in fact could add to the burden faced at the pump. Still, supporters hope this maneuver will be seen as a way to make these companies feel some kind of pain in return. But here’s a problem with those who would fashion themselves as modern day equivalents of Babylonian King Hammurabi and his ancient code of justice. The ones who will be injured most are the consumers and the workers involved in delivering the energy they want.
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US News and World Report