Senators Elizabeth Warren and Ron Wyden have proposed a windfall profit tax on oil companies, a proposal that was tried before in the 1980s and that failed miserably. While the concept of taking money from the oil industry and giving it to consumers to pay for gasoline might seem sensible, the consequences would be disastrous. When this same idea was tried in the 1980s it led to a reduction in domestic oil production and it took the industry over a decade to recover. The Biden administration has made no secret of their disdain for traditional energy sources that derive from petroleum sources, favoring instead, so-called “green energy” alternatives. In fact on the campaign trail, Candidate Biden was explicit in his desire to end the […]