Obama vs Economics

The Wallstreet Journal editorial page scolds Obama today for his temper-tantrum response to energy companies and oil & gas prices. Among the better gems:

You may also be wondering how a higher tax on energy will lower gas prices. Normally, when you tax something, you get less of it, but Mr. Obama seems to think he can repeal the laws of economics.

I remain at a loss as how Obama, or Clinton for that matter (she also supports the windfall profit pyramid scheme), plan on lowering the cost of gas to the end consumer by imposing an increased marginal cost on the supply side of the equation. An increase in the tax rate on oil companies means they get less money for selling the same gas at the same price - somehow this is supposed to either flood the market with supply, or magically lower the price, rather than have the predicted effect: companies lower supply and invest elsewhere, or increase price. As the WSJ article points out, we've tried this sort of thing before, and it had the predictably negative effect of lowering supply from domestic producers.

As an added bonus, gasoline demand appears to be relatively inelastic historically, meaning that if domestic suppliers are increasing supply and/or decreasing supply, the excess demand will have to come from the very tyrannical foreign oil meanies we all seem so worried about. The journal ends with the tragically poignant rhetorical, "And these people want to be President?" - but the real sad part, via instapundit, is that one of them probably will be.