Obama calls for windfall tax on oil profits as gas prices soar - Yahoo! News: "Obama proposes oil companies be taxed on windfall profits from oil sold at or above 80 dollars a barrel, and the revenue be used to help relieve the burden of rising prices on working people, according to his campaign."
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Obama's campaign strategy seems to rely on unprecedented turnout by young voters who, he apparently believes, are too ignorant to understand the folly of proposals like this. How can lower gas prices result from increasing taxation on oil? The oil companies will increase gas prices to cover their increased costs. I hope he is either underestimating the voters' wisdom, or overestimating their enthusiasm for his campaign.
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