McCain Bursts a Blood Vessel Over “Obscene Profits”

I had expected McCain to adopt more free market friendly rhetoric in the months before the election to reassure the skitish conservative base. This isn’t happening and that’s a good thing. The real McCain keeps coming to the surface:

“I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil.”...

Mr. McCain said in response to an audience member’s complaint about investors driving up the price of fuel and other commodities. “There’s a lot of things out there that need a lot more transparency and, consequently, oversight.”

“I am very angry, frankly, at the oil companies not only because of the obscene profits they’ve made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil,” the senator said. “They’re making huge profits and that happens, but not to say, ‘We’re in this so we can over time eliminate America’s dependence on foreign oil,’ I think is an abrogation of their responsibilities as citizens.”

David Beito is a Research Fellow at the Independent Institute and co-editor of the Independent book, The Voluntary City.
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