Forecasts of $100/BO

[edholstein]

Dan - While such high oil prices of $100/BO may sound good I wonder if the "Windfall Profits Tax" of the 1970s could rear its ugly head as the Biden administration is going to have to deal with ways to pay for all the stimulus money being awarded. Ed Holstein

[dan_s]

I was hired by Hess in 1983 because I was an expert on the Windfall Profit Tax. It was one of the dumbest excise taxes ever conceived and 100% was passed on to consumers.

Washington Examiner: Gas up 18% since election, could surpass $4 under Biden
By the time America gets back to work -- and traffic jams -- gas prices under the Biden administration could be heading back to $4 thanks to new climate regulations, the president’s shutdown of energy mining on federal lands, and overseas production cuts. Industry experts believe that as the coronavirus vaccine becomes widely available, offices will start to fill up, as will gas stations. But the supply may not be there because of production cutbacks, Biden’s new rules and moves overseas to slow production to match low usage.

Consumers = Voters
Biden will be blamed for higher gasoline prices and it will be one of the main reasons that the Democrats loose control of the House and Senate in two years.