The Facts About Big Oil

By Paul Sperry
The American Spectator

Econ 101 for Washington: profits are cyclical, and the oil industry, like all industries, goes through peaks and valleys. And there's nothing criminal about this current peak, high as it may seem, especially when those profits are in line with other industries. Profit margins of 8 cents on the dollar hardly amount to profiteering.

Imposing punitive measures on the energy industry would only prevent it from investing aggressively in the development of new energy supplies that would help drive down prices for the little guy Washington's social engineers deign to protect. Their demonization of the industry, while good populist theater, is wholly misplaced.