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Taxing Gas Profits Would Stress Industry Cycles

The idea of a special tax for the oil industry's windfall profits has gained more support recently. Commentator Benjamin Zycher says that the oil companies should not be penalized because oil profits are up.

From 1986 to 1999, when market conditions were weak and oil prices were low, no one advocated a windfall loss subsidy. In fact, economists say, businesses survive because they weather the ups and downs of a market.

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