Punish the Producers ,“wind fall profits tax” yikes!

“In 1980, United States federal legislation was passed that levied such a tax on oil companies because of the profits they earned as a result of the sharp increase in oil prices brought about by the Arab oil embargo. So the US Congress decided to punish the Oil companies for the “Arab Oil Embargo”.The Congressional Research Service has analysed that the windfall profit tax brought in $80 billion in extra revenues for the United States government, which was far less than the projected $393 billion. Also, domestic oil production by oil producers was said to be lowered.” Here we go again ,I guess the politicalo’s didn’t learn anything from the 1970’s early 1980’s , the “wind fall profits tax” not only failed to raise the needed revenue for the government, but also raised prices to the consumer and caused a decline in domestic energy exploration. My bet is what didn’t work in the late 1970’s early 1980’s wont work now ! Expect the huge price increases in energy to continue or even accelerate.