Is there a point where the taxes and fees levied upon an industry become so expensive, so high, so onerous, that the producers decide to just stop?
The “gasoline shortages” of the 1970’s were caused by “price controls” which made it illegal for the energy companies to sell gasoline/petroleum above a certain price. When the cost to provide the gasoline rose above the arbitrarily set legal price, then the energy companies stopped selling gasoline. The energy “shortage” and gas lines were caused by the benevolent federal government, with all their elite and learned economists, setting “price controls”. When the costs rose above the arbitrary limit at which gasoline could be sold, then “man-made” shortages occurred. (Utah, please correct me or expound where helpful with this over-simplified explanation.)
In last week’s post about ExxonMobil’s 2013 earnings, I noted that we earned about 5.5 cents for every gallon…
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