Krauthammer's making it easy to ignore him
Thank God for $3.50 gasoline. True, we had it for only a brief, shining moment, and there is not much good to be said about the catastrophic hurricanes that caused it.You need read no further.
Look. Oil and gas output was decreased by less than five percent due to Katrina. But look at the chart below (click for a larger image). Right after Katrina hit, gas prices in D.C. jumped from an average $2.75 per gallon to about $3.45 per gallon. That's a jump of about twenty percent. This doesn't even include the fact that prices had jumped from roughly $2 per gallon, where it had hovered for months until about March/April. By the time Katrina hit, therefore, gas prices had steadily risen by 37 percent from March to late August. If you consider that gas seems to be returning to about that level, it's obvious a 5 percent decrease in output can't account for a total 70 percent increase in gas prices.
Of course, it seems obvious to me (and everyone else) that common sense doesn't allow us to marry the concept of a hard-hit, struggling oil industry with huge profits. It just simply doesn't.
If you do bother to read more of Krauthammer's article, you see that he really doesn't have a problem with taxes, per se, but only likes regressive taxes. He's all for taxing gasoline and screwing the middle class commuter types.