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Oil Giants to Appear Before Congress
May 13, 2008 9:55 AM
Call it the Price-Capades! The titans of the oil and gas world have agreed to sit under the bright lights for the Senate Judiciary Committee next Wednesday, and again for the House Judiciary Committee on Thursday.
The general theme of questioning: why are Americans being charged record-high prices at the pump -- at a time when petroleum companies are raking in record profits?
Stock up on popcorn and jujubes, it looks to be a good show. Headliners at both hearings are expected to include top executives from ExxonMobil (which recently reported a "disappointing" $11 billion profit last quarter), Chevron ($5.17 billion), Shell ($9 billion), ConocoPhillips ($4.14 billion) and BP America (whose parent company, BP PLC, reported a profit of $7.6 billion), according to committee staffers.
For those catching the Thursday show, watch for a guest-star appearance by Abdalla Salem El-Badri, secretary general of the Organization of the Petroleum Exporting Countries (OPEC).
Both chambers are entertaining anti-OPEC legislation -- so-called "NOPEC" bills -- which would allow the U.S. government to sue other countries they believed engaged in price-fixing and other anti-competitive behavior.
May 13, 2008 | Permalink | User Comments (13)
Has Obama mentioned that he gets more money from Oil executives than any othe candidate?
Or is he still lying about it?
Posted by: trettin | May 13, 2008 10:18:04 AM
I hope that congress takes a good look at thier thoughts on drilling in alaska as they put in place to lift the ban on alaska crude year ago cuase the oil companies state to them we had more then our refineries could handle on the west coast., and even exported refined products from the crude as it was not under the same bill. In the beginning of the alask a pipline the requirment was to have a reserve to keep us on the west coast in tune with the rest of the country.
So now if we lease them more oil resevves and we don't use it fast enough they can return to exporting it again.
It seem we let them waste our oil, if we would of said no export of the oil, we would still have save a little.
Our believe as tax payers was the crude from alaska would keep us from a shortage, but they use a past congress to change the law and sold us out. Said we had to much!!!! Then saying it only amounted to one precent. not what we are areading at the pump today. very sad it is
Posted by: Duane | May 13, 2008 2:07:09 PM
If Congress does not do something radical about these big oil companies, every single person in office needs to be removed! If I failed to listen to my boss, I would be fired...why isn't Washington listening to the American people? They all should be fired!
Posted by: Larry | May 15, 2008 12:32:24 PM
Classic American corporate corruption at its finest. Yes, obviously prices are being manipulated, and have been so for the last 8 years with the full cooperation of our government thanks to the Bush power block. Will anything change? Maybe, but they will never be punished for it. The 2000s will be remembered by history just as the turn of the 1900s was: for its corporate corruption and the story of when capatalism runs unchecked by sane regulation.
Posted by: Jason Parise | May 15, 2008 7:16:48 PM
Just another useless dog and pony show!
Congress knows ,just rattle their cages and the donation will come to settle congress down.
WE have the most corrupted government money can buy.
After all is said and done, more is said than done.
Nationalize the oil industry, and use all those profits for a nationalize health care system and to get us out of debt!
And find another source of energy.
Not corn!
Posted by: Lyn | May 15, 2008 7:50:32 PM
As a Cdn l am sick of hearing about AMerican Democrats not wanting the oil companies to drill off your own damm waters.. and produce your own oil! you are fast to buy our oil that we drill for.. whats wrong for finding oil off your coasts, and in your country. the Democrats are the ones at fault! let the oilmen work and produce oil.. less money to ME shieks!
Posted by: Zena | May 15, 2008 9:35:35 PM
It's really amazing to hear some of the ignorance that's around. If these oil companines had a profit of $0 (zero dollars) the price of gas would only come down a few cents per gallon (you wouldn't even notice). So where's the so-called corruption. Do you guys really belive this or are you just stuck on stupid?
Posted by: Don | May 15, 2008 11:45:49 PM
It's all a plot by the Democratic party and their tree hugger cohorts, who will not allow drilling in the Rockies and off-shore, plus other places here in the U.S. They are trying to wreck the economy and start screaming vote Demoncrat and you will live in paradise.
Posted by: Donald Casillo | May 15, 2008 11:49:48 PM
I'm afraid that the "have's"... and the "have not's" are becoming more and more defined as we speak. Congress, and the entire government is totally out of touch. the green movement and the environmentalists have dictated policy for too long. And our government is way too shallow to stand up for anything that makes common sense! I agree. Drill oil and mandate that it stay here. What they can't refine goes into reserves. Set price fixing and tax the living H*## out of the oil companies if their profits exceed reasonable cost of doing business and anything that is not directly attributed to energy production and energy research. Take farmland out of reserves and AG subsidy programs and produce grain and alternative fuel sources. You all have no idea of the amount of farm land that sits in AG subsidy. 100's of thousands of acres nationwide just sitting around while the government writes subsidy checks so the farmers do not over produce. This is lunacy. And for government to get on the Global Warming band wagon and create another agency just to spin their wheels and make policy that will generate nothing but more government to enforce policy is counter productive. If we take all of this initiative and Pandering to some productive use.. generate university and small business grants for energy research and production.. keep track of the number of patents and ideas that get sucked up by big oil to protect their own monopoly on energy while keeping their own captive market - and profits potential.. there are a lot of bright people in this country, and a lot of brilliant minds that we should be attracting to come here.. so lighten up on blanket immigration policy!.... We need the brightest and the best.. find them and make it attractive!.
Good God people - where will it all end? congress and the government are selling us out.
Well.. When we look at the food lines in Russia and Europe in the past with people standing in line just to get a loaf of bread - what makes us think we are immune?.. at the rate we are going it is only a matter of time. As a republican, I can only say that I am so disgusted that I never want to hear of another Bush in office-- EVER. Why are we buying oil in Iraq and footing 100% of their bill when they can't even muster the ability to run a police force without our help?.. I say take control of their oil production market, take what they owe us right off the top for expenses.. and they can have the rest. What better incentive to make then stand on their own two feet?.. how many of you would buy your kids car after car if they did nothing but take them out and total them?.. Same principle... Accountably!
In Theory, yes.. I can see Iraq in a total state of civil war if we pull out and just leave them stranded.. ( typical of American policy) - but in the same respect, they are getting a totally free ride right now and we are doing the same thing we always have... Footing the Bill!
Posted by: rw 1953 | May 16, 2008 8:31:47 AM
They are going to plead to Cheney for more tax breaks.
Posted by: WDRussell | May 17, 2008 10:35:51 AM
We need to first address the US oil companies that are damaging their country and should love the US more than their billions. Then look to other countries.
Posted by: Carol Coolidge | May 20, 2008 6:21:26 AM
What if the next ENERGY COMPANY AGENDA happened to be FREE ENERGY? Something like, "Burning hydrogen taken from water and using solar to do it, free!"
The day of miracles is not yet past.
Posted by: Jack Holeman | May 28, 2008 2:31:22 PM
You think you will stop this?
Nope.
NOPEC will basically make it worse (say, $8 GL).
Get used to it. Europeans have been warning us for years now...
Posted by: ? | May 28, 2008 5:34:25 PM
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