Storm of controversy over price of fuel
Re “Hurricane Packs Punch on the Energy Markets,” Aug. 30
During World War I, Congress enacted an excess profits tax to prevent business from taking unfair advantage of increased consumer demand that normally happens during a war. Adopted again during World War II and the Korean War, it levied a tax on any profit above a standard level, comparing the firm’s peacetime profits and those earned during the war.
In view of the bloated earnings of the oil companies the last year, it is time that Congress again levy an excess profits tax.
The tax would surely restrain the oil companies from their double-digit price increases and bring down prices to affordable levels.