Powerline has a really interesting take on the price of oil. What it basically boils down to (complete with a chart I won’t steal), the windfall tax thing is a total sham. Obama didn’t even see fit to show up for a vote on the “tax the oil companies more” legislation he touted.
If we want to play devils advocate on the blog, then Obama might be right – tax the oil companies and force them to evolve. However, powerline’s point is that they’re already taxed enough and it’s legislation which is holding them up. I tend to agree more with powerline than Obama, we have this massive oil reserve in Texas and in ANWR, with possibly more in our waters and all anyone cared about previously was “disturbing the wildlife”. While it probably makes someone feel good saving a moose, I say drill the living hell out of ANWR and save some Americans.