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Obama’s New Energy Scheme: Pure Class Warfare By Rizzuto Tue Aug 05, 2008 - Obama is playing on ignorance in his latest energy scheme. He’s hoping that you look at his new proposal and are amazed at the prospect of a handout. This from the Detroit News: The Illinois senator called for releasing the nation's strategic oil reserve to provide temporary relief from high gasoline prices, and also promised to lift the profits from Big Oil to give Americans a $1,000 energy rebate check.So right off the bat, we see that Obama is admitting that an increase in supply, in this case millions of barrels of oil from the strategic oil reserve, will lead to a corresponding decrease in price. Of course you’ll never get him to admit that this logic also applies to an increase in supply via increased domestic production, but at least he’s heading in the right direction. In addition, Obama favors redistribution of the oil company’s record profits. But this too is nothing more than a shell game. If you were to believe the rhetoric of the left, you would believe that oil profits go directly into the swill bank accounts of a handful of ultra-wealthy barons, CEO’s, and such a redistribution is done in the name of fairness. But the fact of the matter is that the profits of the oil companies are already distributed amongst the working and middle classes in the form of 401K’s, IRA’s, and retirement funds. Literally millions of people in this country are invested in one way or another in the oil industry. Many people don’t even know that they’re invested in oil, a fact that no doubt works in favor of the left’s dishonest populist rhetoric. What Obama’s plan dictates is that instead of that oil money going toward your investments and growing, he’s simply going to send you a check in that amount. It’s robbing Peter to pay Paul, or perhaps more accurately, robbing Peter to pay Peter. What is a “windfall profit” anyway? Windfall profit is leftist code for excess. They have drawn a relatively arbitrary line in the sand and decided, this much profit is too much; a Marxist concept if I’ve ever heard one.
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