Reagan signed the windfall profit tax in the early 80’s; essentially eliminating mid to small companies from being able to afford oil drilling. Due to this action, the progress of oil exploration in this country essentially came to a screeching halt, and additionally, eliminated thousands of jobs in the oil drilling equipment manufacturing industry.
The windfall profit tax was imposed on oil producers when taxable crude oil was removed from the oil-producing property. Any individual or business with an economic interest in an oil-producing property was considered as a producer and subject to the tax. There were about one million oil producers (persons, institutions, and businesses) in the United States in 1984.
Because of this senseless tax law, the United States has remained captive to the Arab oil producing nations for the production of crude oil for use in this country, and has caused the loss of billions of dollars in defense of these nations, in addition to, the thousands of precious American lives lost defending them from their covert enemies.
There is more oil right here in the good old USA than all the other oil producing nations put together. So why have we been so dependent upon foreign countries for this available resource, costing us billions in unnecessary expense, and the loss of thousands of our armed forces precious lives defending them? Does anyone have an answer for this total nonsense, and when is it going to stop? When our economy is in total collapse and our defense budget is completely gone? When??