Profits drive discovery and productivity in every industry, but particularly in the capital-intensive energy sector. The seismic and satellite technologies now making it possible to recover far more of an oil field’s resources, for instance, have only been available in recent years. And they weren’t developed by federal bureaucrats doing Congress’ bidding. No, they were made by companies earning profits by serving customers.
When politicians send the taxman or regulator after profits, they do more than take money away from workers, shareholders and customers. They also endanger America’s economy and security.
Investor’s Business Daily editorial on oil profits: