This week, Exxon Mobil (XOM - Get Report) said it earned nearly $10 billion in the third quarter. Other major integrated companies followed suit, with Royal Dutch Shell (RDS.A - Get Report) posting results over $9 billion, and other majors such as BP (BP - Get Report), Chevron (CVX - Get Report) and ConocoPhillips (COP - Get Report) weren't far behind.That is a lot (a whole lot) of money for just 90 days of work. But that doesn't mean that our faithful governmental leaders should lay claim to a larger portion of the cash in the form of a windfall profits tax. In short, such a move would be detrimental to global oil and gas supply, and it amounts to nothing more than a tax on success.
A Windfall Tax Is Bad Economics
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