Monday, March 30, 2015

This Week in Oil and Gas History

April 2, 1980
President Carter signs the Windfall Profits Tax on oil companies. The idea was typical liberal Democrat plan to tax the eeevil oil companies from profiting on the price run up of oil. Eight years later, domestic oil production is at a 20 year low. In August 1988, the tax was repealed. Another failed tax program from the Dems. Now it's called "sharing the wealth".

April 1, 1986
The price of crude oil hits a low of $10 per barrel. (Where did those windfall profits go??) Those of us who survived the 80s remember the oil mans prayer...."Lord, just give me one more boom and I promise I won't screw it up".

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