Democrats are proposing an increase in the offshore oil tax to five times the current rate (TNT, 6-9). If the oil companies have been paying a tax of 8 cents a barrel for the past several decades, where is all that money? There is supposed to be a dedicated account that uses this money for just the type of oil disaster that we now have in the Gulf of Mexico.
Why is nobody asking any questions about all this money in this fund?
Actually, I probably know the answer. Congress has cleaned out the account to pay for other things that have nothing to do with oil but everything to do with creating more and bigger government.