A “windfall” tax on “big oil” will only reduce the supply of oil and increase the cost of gasoline, writes Pittsburgh Tribune-Review columnist Colin McKnickle. It is a shame, he writes, that Governor Rendell is “so ignorant of fundamental economics and even history. “
The Wall-Street Journal disagrees – not with the claim that a windfall tax will increase prices, but that those calling for a windfall tax know what they’re doing. Liberals and environmentalists have been pursuing a reduction in oil supply, higher gasoline and oil taxes, and higher gas prices for years.