[Mike Darancette]

The plan would target profit from the biggest oil companies by taxing each barrel of oil costing more than $80, according to a fact sheet on the proposal.

So who pays the tax, the entity selling the oil? Saudi Arabia, Venezuela and Canada pay the tax? Or does the refinery buying the Oil pay the tax thus tacking it onto the price of distillates?

The price of Oil stated on the spot market is somewhere near $115/bbl but when someone like Exxon buys Saudi oil and loads it on their own ship doesn't Exxon pay at the wellhead a price already contracted with the producer which is different (probably less) than the spot price? Surely the oil that Exxon pumps from the North Slope and delivers to it's refineries does not cost even $80/bbl?

[depressed in 06]

I thought “bills of attainder” were illegal. You cannot target the biggest while letting the others go. Let me guess, the biggest are bigger than Citgo.