Letter to the Editor: Obama obsessed with oil company taxes

Dear Editor:
On Fortune magazine’s recent list of the most profitable companies in 2010, Exxon’s profit as a percent of revenues was 8.6 percent. By sharp contrast, Coca-Cola’s was 34 percent. Google’s was 29 percent.
Yet the Obama administration remains obsessed with raising taxes on oil companies.
A widely recognized economic principle is that when you subsidize something, you get more of it, and when you tax it, you get less.
Unfortunately President Obama’s guiding…