Jimmy Carter in Leadership and Crisis, by Gov. Bobby Jindal

On Energy & Oil: 1970s windfall taxes reduced domestic production

Some in Washington want to punish oil companies through so-called "windfall taxes." They forget their history. Jimmy Carter tried a similar approach back in the 1970s, with the predictable result that domestic production fell and our reliance on foreign oil grew. For a lot of reasons, American oil production has already declined from 9.2 million barrels a day in 1973 to 5 million barrels a day in 2007. A basic rule of economics is that if you want less of something, just tax it more. Source: Leadership and Crisis, by Bobby Jindal, p.210 Nov 15, 2010

The above quotations are from Leadership and Crisis, by Bobby Jindal. Click here for other excerpts from Leadership and Crisis, by Bobby Jindal. Click here for other excerpts by Jimmy Carter. Click here for other excerpts by other Governors.
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Page last updated: Feb 06, 2014