Sock it to Me?
Wednesday, March 29, 2006 :::
While spinning the Senate's new, improved tax hike plan, Senate courtesan J. Scott Leake blunders squarely into silliness. On the idea to impose a tax on fuel terminal operators, he says:
"We're gong [sic] to sock it to the Saudis," said Senate aide J. Scott Leake, noting that international oil companies operate most terminals.
Unless one of those operators is Saudi Aramco, then no, this plan will not "sock it to the Saudis." Rather, the tax would be paid by oil companies -- some domestic, some foreign, who will pass that cost onto the consumer. And as oil is a fungible commodity (and Canada is our largest foreign supplier), there is not telling, really, what geopolitical blow this tax would strike, if any. No -- make that none at all.
Chichester said the oil companies, making record profits, could eabsorb [sic] the increase, but acknowledged they might try to pass it on to motorists at the pump.
"Might try to pass it on to motorists"? Of course they will.
If this is all the Senate can conjure, then truly the 2004 playbook is dead.
::: posted by Norman Leahy at 3/29/2006