Reply #44: Yes. They could STILL enact the windfall profits tax, have it in place for WHEN prices go up again.

[FormerDittoHead]

I'm sure there could be something that could be put into law that would isolate the tax to be upon the profits the oil companies would realize if they charged us more than just passing added costs along to us WHEN prices go up. (or charging us the added price of oil for oil in inventory they paid lower prices for)

MAYBE if they simply had passed the increase prices onto us, then they wouldn't MAKE a greater profit, and they could avoid the tax - it's that simple.

But for Republicans who may object or think it's unfair, we now have a simple way to find out if the market is controlled and they in fact overcharge us and make an added profit on the increase, rather than just pass it along to us:

We know that when prices went up, the oil companies recorded profits through the roof.

OK, prices have now come down. Will oil companies record LOSSES in the next quarter?

If they DON'T, then I would submit that the gains they realized when prices went up were way beyond passing the added expenses to us, and seeing that competition didn't work to bring the market prices down to the point where profits would be brought down to prior levels, then it's pretty clear that the market is controlled and as such, SHOULD be subjected to greater regulation.