I. Introduction
Surprise!
In 2005, Big Oil[1] again turned one of the larger profits it has seen
in recent years, with companies like Exxon Mobil boasting fourth
quarter numbers 27% greater than last year's profits (which, by the
way, were nothing to sneeze at).[2][3] And why shouldn't we be
surprised? After more than a year of paying a sky-high premium at the
pump and in the home, it is plain to see that the oil industry is not
sharing the burden of the high price of fuel with the consumer. Led by
Senate Democrats, a bill has been proposed to impose a one-time-only $5
billion windfall tax on big oil to help offset the country's more than
$300 billion deficit.[4]
II. Implications
There is no question that Big Oil can afford the hit. Five billion
dollars is chump change spread among corporations who routinely keep
tens of billions of dollars