Politics As Usual
Shining a Light on Power and Policy
Tom Shine covers congressional politics for ABC News.
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'We Are Currently in an Up Cycle...'
April 01, 2008 12:34 PM
That's the way J.S. Simon, the senior Vice President of Exxon Mobil Corporation explains the industry's gargantuan profits last year, OVER $100 BILLION according to Rep. Edward Markey who will host the oil giants at a 12 noon hearing today.
Simon says the good times could one day end for big oil reminding congress that back in 1980, "crude oil prices reached record levels approaching the equivalent of over $100 a barrel in today's dollars" and he adds that many back then were predicting that oil prices would soar to over $250 a barrel in today's dollars. "But those predictions were wrong and by the mid-1980s prices had fallen dramatically and the industry was in dire straits."
It's clearly not the oil industry that is in dire straights these days. John Hofmeister, the President of SHELL OIL COMPANY admits that during an 18 month "National Dialogue on Energy Security" which Shell just completed, he heard what Congress has been hearing: "Americans are very worried about the rising price of energy--the cost to fill their cars, as well as the cost to heat, cool and light their homes and businesses. THESE COST INCREASES ARE HITTING CONSUMERS HARD, PARTICULARLY THE POOR AND THOSE ON FIXED INCOMES."
But Hofmeister says "Americans use 10,000 gallon of oil---enough to fill a backyard swimming pool---EVERY SECOND OF EVERY DAY and 20 railcars of COAL EVERY MINUTE" and providing all that energy is very expensive.
Given their huge profits and the misery of the American consumer, Markey wants to know how the oil men can continue to demand $18 BILLION IN TAX BREAKS which he says should instead be "shifted to developing renewable energy like wind, solar, biomass and other climate-friendly sources."
April 1, 2008 | Permalink | User Comments (4)
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Could they take just a fraction of that windfall to repair equipment, and push for some US refineries... Nah, that would cut down profits, AND improve our national security; That sure as heck isn't good for the stockholders on Wall St., what the hell was I thinking? Profits are patriotic, especially when their re-invested to create wealth and even more jobs overseas!
Posted by: cba | Apr 1, 2008 1:00:17 PM
I do my part to reduce oil companies' profits. I walk!
Posted by: Kitty | Apr 1, 2008 2:32:06 PM
What if Bush-Cheney manipulated oil prices? They have managed to devalue the dollar and drive up oil prices on the world market. Gas prices have been rising steadily for the last few years, but disconnected from world oil prices. When asked for a reaction to $2.00 gasoline Bush's comment was "Get used to it." Turns out it was a policy statement.
We can never forget Cheney's illegal secret summit of March 2001 with oil industry execs to draw up public energy policies that spoke of consuming more not conserving. Is I am not mistaken Cheney was under investigation in 1999 for illegal business dealings with Iraq and Iran while the CEO of Halliburton. Did he ever divest himself of Halliburton stock and futures?
Republican fiscal policy has slowly been destroying this country since January 20, 1981. It is time someone shed some light on the biggest pair of crooks in human history.
Posted by: Nova B | Apr 2, 2008 8:19:02 AM
Hofmeister and Markey are sure a couple of slick dudes. But that's what you can expect with oil.
Posted by: katrina | Apr 3, 2008 11:42:01 AM
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