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Donald Trump: Big oil is naughty

TrumpAs if this country doesn't have enough to worry about, now Donald Trump says that oil companies such as BP (NYSE: BP), Chevron Corp. (NYSE: CVX), and Exxon Mobil Corp. (NYSE: XOM) are ripping us off. According to a story from CNBC, Trump is calling for punitive sanctions against oil companies, citing their historic profit levels.

While calling himself a "great capitalist" and stating that it is against his nature to seek punitive sanctions against companies that are reaping big profits, Donald Trump indicated that it is his opinion that oil companies have been ripping off the world for quite some time. In a statement aired by CNBC, Trump said, "I can see doing something against the oil companies."

I think it takes a lot of gall for a self made opportunistic capitalist to point fingers at companies which might play the game a little better than he does. Trump knows the rules and he knows where the power resides. He should also know that if changes in the movement of oil money need to take place, those changes should start with the government's already too large part of that money. Donald Trump must be aware that any adjustment to oil company revenue percentages will simply be handed off to consumers. So what is Donald really saying?

If Mr. Trump truly wishes to help the situation, then he should be standing in front of the White House demanding that taxes already levied on oil profits should be used to subsidize diesel fuel for commerce transport until the oil market stabilizes itself. Anything less is just one speculator shaking his fist at a wagon full of speculators. As a somewhat questionable performer in that regard, perhaps Mr. Trump should just pay closer attention to what's going on in his own little backyard.

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Last updated: November 22, 2008: 10:41 AM

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