Could additional oil revenue be used to explore

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When oil prices increased 10 fold dring the 1973 -80 energy crisis, many oil companies made huge profits. During this energy crisis, Congress considered imposing an "excess profit" tax onoil ompanies. If you were in Congress would you vote for such a tax? Do unexpected monopolistic profits serve any useful function in a market economy? (Hint: Could additional oil revenue be used to explore and develop new fields?

Reference no: EM13158416

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