Big Oil Hearings

Okay, the story at the link below is nothing earth shattering, but I wanted to link to at least one story on recent Congressional hearings on big oil and their huge profits. I think the big reason that Congress is even bothering with hearings is so they can show their constituents that they are trying to do something to help fight rising energy costs. I don't expect much to really result from these hearings though. There have been threats to impose a windfall profits tax on the oil companies, but that is not a good idea from an economic standpoint. Such a tax would stifle innovation and investment by the oil companies and in the long run it could even cause prices to go higher.

The link to a story from Yahoo is below. Watch for a little more in depth coverage of this on my in depth issues blog, you can find that at the second link below. I hope to have that posted soon.

http://news.yahoo.com/s/nm/20051108/bs_nm/energy_executives_dc;_ylt=Au3Uead2y.qLI3gnRz_1iaWyBhIF;_ylu=X3oDMTA5aHJvMDdwBHNlYwN5bmNhdA--

http://www.blogger.com/posts.g?blogID=11226257