The View From 1776

Windfall Profits

Exxon’s latest quarterly profits are down 66%, because of the sharp decline in the price of oil.  If, as economic ignoramuses on both sides of the aisle in Congress shrieked when oil was well above $100 a barrel, Exxon deserved to be hit with an excess profits tax, does the company now merit a windfall-depressed-profits bailout?