As prices return to the long-run supply level and as the potential for windfall profits disappears, a continuation of the tax would result in higher prices for consumers, with no concomitant increase in oil supplies.
Statement Proposing Enactment of an Emergency Windfall Profits Tax.
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I also call upon appropriate community organizations to cooperate with the Customs Service in recognizing 185 years of mutually beneficial relationships.
We are continuing to make substantial progress in furthering the goals of this program.
I am keenly aware, however, that this bill also presents some dangers.
In my economic address on May 25 of this year, I called for the establishment of a Cost of Living Task Force to monitor wages and prices.
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