by Tom Tanton, E&E Legal Director of Science &Technology Assessment and Katy Grimes, Flash Report Senior Correspondent
Many in America have grown convinced the world would become Utopia if it wasn’t for evil, dirty oil. Ironically, these oil critics are always successful beneficiaries of the U.S. free enterprise system. When they demonize oil profits, they show just how misinformed they are.
The relationship between oil and gas, and humans, is inextricably linked. As a nation’s economy grows, its oil consumption naturally follows suit.
Would America be a better place without the “Big Oil” and gas industry? Or is the vehemence behind demonizing oil and gas just a ploy for extracting exorbitant and punitive taxes? The oil and gas industry is already one of the highest taxed industries. Government receives six dollars in taxes for every dollar of company profits, yet that’s never enough.