Would Taxing Oil Companies Help?

President Bush says no. I'm not entirely inclined to disagree- though the profits reaped by oil companies are more than a bit disconcerting given the high prices consumers are forced to pay at the pumps.

It could be that part of the solution is to mandate that oil companies invest portions of their earnings in new oil refining capacity. Shell announced plans for a massive new oil refinery which will be a nice foot forward in the year 2010.