That is also idiotic approach and proven to be harmful.Blindref757 wrote:Say what you want, but we (the folks) are getting the shaft. Oil that is pumped out of my back yard on American soil, is being refined and sent to China/India...and I'm paying for it every time I buy gas? Yeah...that makes sense! A POTUS with a set would demand that American Oil Companies set a US supply/demand price, and then sell the leftovers...or pay a HEFTY export tax on every drop that leaves our shores.
The last time we had government regulation of domestic oil prices it led to the huge gas lines in the 70's. Screw with free market pricing and get gored by the bull. It doesn't work.
All these people who beat up on large US Oil companies need to realize that even our largest oil company has about 1% of global market share. Someone with 1% of the market has zero pricing power.