Reply #9: Several reasons

[Chico Man]

Higher unemployment
Potentially higher prices at the pump
Less money for exploration / research
Greater dependance on foreign sources of oil
Less incentive to research alternative sources of energy
Greater beaurocracy neccecary to administer new tax (who pays the salaries?)

I'm all for an investigation into price gouging. If a crime was committed, lets prosecute.

I know this is such a juicy political issue, and we will see the politicians squeeze as much political capital out of it, but in economics, there are two sides to every action taken.