What goes around comes around

Via Counterpunch

One of the greatest bailouts in history came in 1953, when the Eisenhower
administration authorized a CIA-backed coup in Iran. The Anglo-Iranian Oil
Company, owned by the British government, had been expropriated and
nationalized in 1951 by unanimous vote of Iran's parliament. The '53
coup evicted prime minister Mohammed Mossadeq and installed Shah Reza
Pahlevi, the creature of the West's oil companies , with full tyrannical
powers. The AIOC got back 40 per cent of its old concession and became an
internationally owned consortium, renamed… British Petroleum.

There are plenty of American ingredients in the company, with such BP
acquisitions and mergers down the years as Standard Oil of Ohio, Amoco and
Arco,. No matter, it's "British Petroleum" now in the minds of Americans
and the company is the designated fall guy – a role it richly deserves
since, as Jeanne Pascal, a former lawyer for the US Environmental
Protection Agency, recently put it, "They are a recurring environmental
criminal and they do not follow US health, safety and environmental
policy."

No mercy.

Footnote: A CounterPuncher writes to me: "BP is indeed a conscience-less
company, possibly even more so than the rest. My father who was an
eye-surgeon was appointed by the Shah government and A.I.O.C.
(Anglo-Iranian Oil Co, later renamed BP) to teach Persian doctors to
battle trachoma in South Persia (Abadan). I remember the many instances of
utterly callous behavior from A.I.O.C. officials towards heavy accidents
in the huge refinery there affecting Persian workers, the neglect of
normal safety procedures and even the disgust about A.O.I.C.'s working
methods expressed by the Dutch director of Shell at whose house we were
staying for some time on Mount Demawand near Teheran."

Obama Backs Off Promise to Pass Windfall Profits Tax on Big Oil

By David Sirota, Blog for Our Future

Good news and bad news in the last day. The good news: Barack Obama has appointed a NAFTA critic, Rep. Xavier Becerra, as the next U.S. Trade Representative (more on that here). The bad news is this just off the Reuters wire:

CHICAGO/WASHINGTON (Reuters) -- President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday...

Obama, who signaled early in his campaign for the White House that he would take an active approach to oil markets as president, had planned to use the revenue from a windfall profits tax to fund a tax rebate for low- and middle-income families struggling with high energy prices.

Between this move and the move to wait to repeal the Bush tax cuts for the wealthy, it seems like the Obama team is buying into the right-wing frame that raising any taxes -- even those on the richest citizens and wealthiest corporations -- is bad for the economy. Of course, that frame is debunked by history. And while sure, it's OK to rack up deficits so as to spend our way out of the economic crisis, it's sorta silly to ignore the tax moves that could be implemented to limit those deficits where possible.

Oh, and one last thing -- if oil prices are down and oil industry profits are truly down, what's the harm in passing a windfall profits tax? Even if you buy the right-wing nonsense about a windfall profits tax "hurting the industry" or "hurting the economy" when it is applied, if there really are no windfall profits to tax, then it won't be applied.

That's what a windfall profits tax really is -- a safety valve regulation against profiteering, and one that can raise needed revenues when profiteering occurs. If there is supposedly no profiteering occurring, then what's the supposed harm? There is none even if you ignore history and believe taxing the wealthy/big corporations automatically hurts an economy. That is, unless you are ready to go down another right-wing rathole and argue that a windfall profits tax will somehow prevent energy companies from more energy exploration. But, then, if you are that far out on the fringe, then I guess your not interested in any facts whatsoever...