I have a question. What would happen if the U.S. and Europe imposed a heavy tariff on Mid East oil, but no tariff's on U.S. oil or oil produced from friendly countries (perhaps even lowering taxes on U.S. oil companies)? And what if the U.S. used that tariff money either to reduce our income taxes or to provide economic support to our suffering oil industry? What would this do to the Middle East?
What would it do for our oil companies that are going out of business and laying off thousands of workers because of low prices from the Middle East? By not buying oil from those who hate us, but buying from those who love us, would we be doing ourselves a favor? Would we be increasing our energy independence? Would some of the energy jobs that have been lost in the U.S. since the Mid East and Russia started dumping oil come back to the U.S.? Would our fracking industry revive? Would that be important for our economy? Oil is one thing we still produce. Should we keep it that way or allow this unfair dumping to continue to destroy our domestic energy industry? What if we finished the oil pipeline from Canada that Obama has been fighting against? Would that help our friendly neighbor to the North of us? Their oil exports are dying and their oil companies are laying people off too. Of course, doing something like tariffs on Mid East oil could start a trade war, but aren't we at war there anyway…..What are your thoughts? Aren't we already in a trade war with the Middle East?
If the Mid East found it difficult to sell oil to the U.S.A. and to Europe, and if their profits were squeesed while the U.S. companies and European countries saw their profits climb would this possibly hurt the funding that Mid East terrorist groups enjoy from Mid East produced oil, while helping to rebuild our oil industry at home? Do we want to starve the terrorists and the countries who support them or do we want to keep buying their oil while they force our energy companies out of business?
Maybe we should all just be glad for the oil price wars and enjoy the low prices until our oil industry is practically out of business. Then, when the Mid East has a near monopoly they can join with Russia to raise prices again.
Is it time to stop hating U.S. oil companies? Haven't they supplied the energy that has made America great? So what if they earn 4% net income before taxes on their sales? Don't they deserve a 4% net profit for all the risk, work and investment they make? U.S. governments (including state and local government taxes, royalties, land leases, etc.) make ~40% off the oil produced in the U.S.. Don't the people who actually produce it deserve something too? Do we really want to see our oil production die? Do we really wish to become more dependent upon Mid East oil? Don't we want to become energy independent? Let the Mid East have its oil (and or let them fight with Asia and Europe for it).
We used to pay for the entire cost of the federal government from monies collected from tariffs. Let's put some tariffs on Mid East oil and use that money to lower the income tax and pay off some federal debts while we put thousands of Americans back to work in the oil industry. That's the right thing to do for America.