The Competitive Enterprise Institute Daily Update

Issues in the News

1. CONGRESS

ExxonMobil’s record profits prompt calls for a windfall profits tax on the oil industry.

CEI Expert Available to Comment: Senior Fellow Marlo Lewis on why a tax on oil companies is a tax on energy use:

“All targeted tax hikes on energy-company profits are energy taxes no matter how they’re labeled. As every policymaker should know from Economics 101, when government taxes something, the economy produces less of it, and when supply falls relative to demand, consumer prices go up. Thus, “windfall profits” taxes or their accounting-gimmick equivalents are bound to make energy less affordable. Yet the leading proponents claim to be ‘consumer advocates.’”

2. ENVIRONMENT

The White House responds to the U.N.’s latest report on global warming, calling it “significant” and “valuable.”

CEI Experts Available to Comment: Adjunct Analyst Steve Milloy on the week’s climate change coverage:

“The global warming carnival hits its full stride this week in preparation for the release of the long-awaited and much-hyped United Nations report on global warming. It’s unfortunate for the climateers that this week’s climate science doesn’t live up to all the hoopla.”