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Post re: Economics: on Oil Prices: Sue OPEC? (Bienvenido Macario, Philippines/US)
Created by John Eipper on 05/26/08 5:04 AM - re-economics-on-oil-prices-sue-opec-bienvenido-macario-philippinesus

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re: Economics: on Oil Prices: Sue OPEC? (Bienvenido Macario, Philippines/US) (John Eipper, USA, 05/26/08 5:04 am)

Bienvenido Macario responds to Gene Franklin's post of 25 May:

This 2008 oil crisis is nothing new; we had the 1973 and 1979 energy
crises which were the right times for our politicians to use the
proceeds from the windfall taxes levied on oil companies. (I believe
it was around $64 billion in the 1980s. This is the same money the
Clinton administration used to bail out Mexico during its 1994
currency crisis.)

So any talk of higher taxes would only remind voters this election
year that our state legislatures and the US Congress of their failure
to anticipate something that has already happened twice before.

The European solution may work depending on the fiscal and budgetary
controls of the respective state governments. But I prefer the
Canadian model in dealing with high oil prices and taxation.

Politicians are shrewd, especially during election year. It is
unpopular to raise taxes, not to mention reminding the consumers of their
shortcomings. Instead, the politicians came up with this:

US Congress approves legislation to sue OPEC
23rd May 2008 By Staff Writer *Energy Business Review*


We could revise the classic adage:

"Politics is the gentle art of getting campaign funds from oil and
energy companies and votes from the consumers by promising to protect
one from the other."

I am afraid in this day and age of information technology, politicians
will soon find out that it is no longer possible to divide and rule in
the business-as-usual mode. But then again, we should never
underestimate the amnesia spells cast on the voters just before
election day.

-- For information about the World Association of International Studies
(WAIS), and its online publication, the World Affairs Report, read its
homepage by simply double-clicking on: http://wais.stanford.edu/

John Eipper, Editor-in-Chief, Adrian College, MI 49221 USA

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