Gas prices are out of hand and there’s no ceiling in sight. We’ll be looking at $4.00/gallon and up before GWB and his oil men buddies depart Washington next January.
The Washington Post has more…
“On April Fool’s Day, the biggest joke of all is being played on American families by Big Oil,” said Rep. Edward Markey, D-Mass., as his committee began hearing from the oil company executives.
“These companies are defending billions of federal subsidies … while reaping over a hundred billion dollars in profits in just the last year alone,” complained Markey, chairman of the Select Committee on Energy Independence and Global Warming.
Regulation? Taxes? NO WAY!
“Our earnings, though high in absolute terms, need to be viewed in the context of the scale and cyclical, long-term nature of our industry as well as the huge investment requirements,” said J.S. Simon, Exxon Mobil’s senior vice president. Last year the oil and gas industry earned 8.3 cents per dollar of sales, only a little higher than the Dow Jones Industrial Average for major industries, he argued in prepared testimony.