Issue Position: Energy - Addressing Speculative Pricing Of Oil
John McCain Believes We Must Understand The Role Speculation Is Playing In Our Soaring Energy Prices. Congress already has investigations underway to examine this kind of wagering in our energy markets, unrelated to any kind of productive commerce, because it can distort the market, drive prices beyond rational limits, and put the investments and pensions of millions of Americans at risk. John McCain believes that where we find abuses, they need to be swiftly punished. To make sure it never happens again, we must reform the laws and regulations governing the oil futures market, so that they are just as clear and effective as the rules applied to stocks, bonds, and other financial instruments.
John McCain Does Not Support A Windfall Profits Tax. A windfall profits tax on the oil companies will ultimately result in increasing our dependence on foreign oil and hinder investment in domestic exploration. Jimmy Carter put a windfall profits tax in to place with little to no useful results.