Re:  Oil Profits Tax:  Windfall?

In his article denouncing the so-called "obscene profits" made by the "oil industry", Mr. Madsen seems to forget or ignore one very important point:  the purpose of any business is to make profits; why would the ability to do that successfully by providing a product that makes life more enjoyable and productive for millions (while providing a return on investment for shareholders) be "obscene"?

Mr. Madsen never defines precisely what objective standard constitutes an "obscene" or "windfall" profit, but seems not to realize that while a company like ExxonMobil has been bringing in large profits, they've paid even more in taxes — the government makes more off each gallon of gas or barrel of oil than the company that explores for it, invests in the equipment to procure it, and refines it into products we use and need.

It seems to me that the oil industry, like most businesses in the US, is not guilty of "obscene profits" but rather is subject to "obscene taxation".  The only windfall recipients are state and federal governments.

Sincerely,
Dave Smith
Houston, TX