Power Arrived In 2000 election
Nice try Mr. Worstall, you almost pulled it off with this piece but there's a few problems. First let me address some of the comments.
Why didn't Oil companies do something back in the 80's and 90's when prices were $10 a barrel?
Short Answer: Because Bill Clinton was in office!!
In 2000, the oil lobby and its unholy alliance with the Christian Reich got an Oil Man (Dick Cheney), and his bumbling sidekick (Dubya Bush) into office!
Dick Cheney for those who don't was the CEO of the larget Oil field services company in the world, Halliburton, right before his VP duties.
The Oil lobby is huge and powerful, it was able to put Bush/Cheney into office, that was prerequisite to todays state of affairs.
As someone who lived in the West Texas Oil Patch during the 1980's I can tell you all about the complaints of those in the Oil Business at that time. Following the oil bust of the 1980's prices were TOO LOW to merit drilling anywhere in the US or offshore for that matter.
Today there is a market environment that is VERY conducive drilling in the US and the Iraq war is nothing more than a resource grab that will allow US oil companies to stay in the game in the middle east as well. Ask yourself if there were no Oil in Iraq would a single US Soldier be there?
Now, back to your article Mr. Worstall, you try to make it sound like Mr. Obama wants a windfall profits tax purely for the sake of "pandering" to the populace. But I ask this: Have you or anyone else read the actual legislation that hasn't yet been proposed? Perhaps you would find that Mr. Obama proposes taxing profits that aren't reinvested, or perhaps you would find that there is much more benefit for the American people as well as our energy future to have Oil profits invested rather than giving the already superwealthy top management a bunch of gimmes.
Lastly, Big Oil is the root cause of much of the conflict, pollution, and other problems in the world. The Oil lobby has very successfully stifled the quest for alternatives in the US. Todays high gasoline prices are really the only thing that has caused Americans to curb their insatiable demand for gasoline and is going to spur the shift to alternatives. By my reckoning the Oil industry is vastly oversubsidized by the American taxpayer and all it produces is more headaches in terms of traffic, high food prices, and geopolitical conflict.
For Americans much of the problems associated with Oil and energy are "new" but these are problems that have been in the making for a long time and no one can say that they really expected for the finite reserves to last forever when the demand curve has been steadily upwards and even accelerating.
If we look at our current situation as a WAKE UP call then the time to seriously invest in alternatives to Oil is now. A windfall profit tax with exemptions for alternative energy investments will really help, so thanks for bringing some sanity to the debate MR. OBAMA