Tuesday, April 01, 2008

CONGRESS TAKES A MAKE BELIEVE LOOK INTO THE BUSH REGIME'S CRONIES AT BIG OIL

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Old picture/same story

I always feel envious when I read that the average price of a gallon of gas is $3.28 or something like that. (That actually is the national average today.) Here in L.A. I pay nearly $4.00 a gallon. When Bush first stole the election I used to fill up for around a $20 bills and a couple of singles. Now it's crept over $55. Only an idiot didn't see that coming when two "oil men" took over the Executive Branch. Still, I don't know what will come out of hauling a bunch of oil executives in front of a congressional committee. A fire-squad might have some effect. A congressional committee? They were probably having a rough time keeping straight faces.

Nancy Pelosi cut off Congress' balls when she took impeachment off the table. It meant, in effect, that the Regime-- and its cronies-- could get away with everything and anything-- as they have-- without having to worry much. Way to go, Nancy! The media helped Congress deceive voters back home into thinking this was a serious "grilling" and that something could come of it.

Anyway, frustrated congressmen played it like it meant something demanding the execs from the top 5 oil companies "explain the soaring fuel prices amid huge industry profits and why they weren't investing more to develop renewable energy source such as wind and solar." They said their profits ($123 billion in 2007) weren't out of line. Nor, as I suggested, would be a firing squad (after a trial).
"On April Fool's Day, the biggest joke of all is being played on American families by Big Oil," Rep. Edward Markey, D-Mass., said as his committee began hearing from the oil company executives.

..."The anger level is rising significantly," said Rep. Emanuel Cleaver, D-Mo., relating what he had heard in his district during the recent two-week congressional recess.

Alluding to the fact that congressmen often don't rate very high in opinion polls, Cleaver told the executives: "Your approval rating is lower than ours and that means your down low."

"I heard what you are hearing. Americans are very worried about the rising price of energy," said John Hofmeister, president of Shell Oil Co., echoing remarks by the other four executives from Exxon Mobil Corp., BP America Inc., Chevron Corp., and ConocoPhillips.

...Markey challenged the executives to pledge to invest 10 percent of their profits to develop renewable energy and give up $18 billion in tax breaks over 10 years so money could be funneled to support other energy and conservation.

The executives were more polite than Cheney was to Pat Leahy but the message was the same. Meanwhile GOP shills on the committee, like John Shadegg (R-AZ), defended the oil executives and their business practices. If you can't understand why an ambitious congressman-- Shadegg is hoping to replace John McCain as an Arizona senator when he dies or retires-- would so blatantly fly in the face of his constituents' best interests, just take a look at who donates to his campaigns. $447,092 is a lot of money-- and the big energy companies don't hand that out because they like playing golf with you.

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6 Comments:

At 8:11 PM, Anonymous Anonymous said...

Congress once again shows why they have an 11% approval rating. If Exxon-Mobil's 11.3% net profit is outragious, then Microsoft at 27.5%profit, Google at 25.3%, Apple at 14.5% and 100's of other US Corporations making more then 11.3%profit are "Satin's disciples" and should all have a "Windfall Tax" applied. Next will be "Lets Nationalze them" (Idiots !). Consider that there are 32 countries most 1st world paying substantially more for gasoline(Germany, (~$7.00)Great Britian (~$7.20), France (~$6.50), etc.) and yet their economies are doing fine. However to do so they drive smaller more efficient cars (not the gas guzzeling SUVs that Congress caused by the absurd CAFE Standards where SUVs are Trucks not Cars, allowing lower fuel economy requirement. If US gas thru stagged multi year tax increases was $8, watch how more efficient cars, public transportation and alternative technologies would kick in.

 
At 9:24 PM, Anonymous Anonymous said...

Exxon-Mobil's 11.3% net profit is due to closure of refineries, there was a "crisis" of too many refineries driving down the price of gas compared to the price of a barrel of oil; Cheney and the oil company executives "fixed that" in early 2001, and nothing was done because "our world changed with 9-11" and Cheney no longer answers to anyone.

 
At 5:39 AM, Blogger merlallen said...

They post reoord profits every quarter and still get tax breaks and subsidies.

 
At 8:23 AM, Anonymous Anonymous said...

Anonymous indicated that "Exxon-Mobil's 11.3% net profit is due to closure of refineries" ..................can you name a refinery that ExxonMobil has closed?

 
At 7:35 PM, Blogger tech98 said...

Return on Capital Employed is a better gauge of performance in capital-intestive industries like oil. In fact, this is the prime performance metric used by ExxonMobil in its financial reports. The industry average ROCE is around 25%, which is exceptionally high compared to the single-digit average for all other capital-intensive industries.

Regardless, I wouldn't mind them making fat profits if a major portion of them didn't come at the expense of the taxpayer, through politically-manipulated tax breaks and crooked regulation and legislation. Not to mention the massive public subsidy in money and lives of the war in Iraq, of which they are massive beneficiaries.

 
At 3:26 PM, Anonymous Anonymous said...

I think the reaction at that recent baseball game showed Bush how people feel about $4- a gallon.

http://beta.flowgram.com/p/OYBJIRAUIOIOV8

But who knew that Cheney's unfavorable status was even worse than Eliot Spitzer?!?!

 

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