Congress presses oil execs on high prices (1 Viewer)

[primadox]

WASHINGTON - Top executives of the five biggest U.S. oil companies were pressed Tuesday to 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.

The executives, peppered with questions from skeptical lawmakers, said they understood that high energy costs are hurting consumers, but deflected blame, arguing that their profits — $123 billion last year — were in line with other industries.

"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.

Congress presses oil execs on high prices - Yahoo! News

 

[dajmno]

lawl...riiiigggght.

 

[DadsDream]

Let me get this straight...the foxes who were put in charge of the hen house are now questioning the chickens for charging too much for the eggs?

 

[efil4stnias]

Congress presses oil execs on high prices - Yahoo! News

I am surprised no one mentions the weak dollar as part of the problem....

 

[geauxboy]

Let's see now. The Energy Policy was written with the "help" of Big Oil and friends, but now Congress makes a chest beating act that we all know will be for naught. The facade continues.

Beneath the noble bird
Between the proudest words
Behind the beauty, cracks appear
Once with heads held high
they sang out to the sky
Why do their shadows bow in fear?

 

[Hawkeye Saint]

Q: why the excessive profits?
A: Greed

 

[Jeff Miller]

dog and pony show. goverment makes just as much money off the taxes of gasoline as the oil companies make in profits.

 

[purvis_guy]

Before you make a judgement on the "obscene" oil profits, read this article from Popular Mechanics and find out what they do with all those profits.
.
Onboard High-Tech Oil Rig, U.S. Answers to Rising Prices - Noble Clyde Boudreaux Photos - Popular Mechanics

 

[1yearOlder]

At least I don't have to look at the smugness on their faces .
This will all be swept under the rug fairly soon , and you will all forget about it .

Does anyone remember the congressional hearing on (3+) Trillion dollars missing from the DOD ?
Here are the Cliff notes :
Con. mem.'s : fiscal year 1999 , fiscal year 2000 , 3 trillion missing , where is the money ?
Rumsfeld : It's gone , we are unable to track it .
Con. mem.'s : Well , we are not happy about this . Try to not let it happen again .
Rumsfeld : Yes mam' . We can reconvene in a bit , I have to go have lunch now .
Con. mem.'s : Let the record show that Mr. Rumsfeld is going to have his lunch now .

 

[cruize]

It's all part of a bigger plan by the Bush administration to get people to conserve and to take us into the future. Americans are too lazy and like big vehicles. The only way to get their attention is to hit them in the pocket book. Plus, all the big profits are being used to create new industries in alternative energy sources. The President and big oil are having to look out for America because Americans won't do it themselves. I personally say thank you Mr. President and big oil.

 

[Saint77]

Didnt they do this circus act last year too?

 

[efil4stnias]

It's all part of a bigger plan by the Bush administration to get people to conserve and to take us into the future. Americans are too lazy and like big vehicles. The only way to get their attention is to hit them in the pocket book. Plus, all the big profits are being used to create new industries in alternative energy sources. The President and big oil are having to look out for America because Americans won't do it themselves. I personally say thank you Mr. President and big oil.

Eureka....ergo the economic stimulus, Fed bailout and soon to be homeowner bailout...Thanx mr. president. Let me know if you are short on funds, you can use my retirement monies too while I drive off in my brand new Chevy Tahoe hybird that now only cost me $40 in gas, but uses 1 gigawatt of electricity per month to charge it up....

 

[FWtex]

I don't understand why this is a hard decision for congress. The industry is making big profits so why continue to subsidize it???? Why pay them 18 billion??

Also, I read another article where congress finally are questioning their decision to allow all the mergers. Stats show that both Exxon and Chevron have REDUCED their production since the merger. Exxon admits to not having any plans to increase production in the future. As I have said all along, what incentive does the oil companies have to increase production when they can raise the price as high as they want and demand will guarantee them a higher profit margin.

Take that $18 billion and give it to the auto industry to develop and sell hybrids.

 

[varanook]

oilists all of you

be ashamed

 

[champ76]

I don't understand why this is a hard decision for congress. The industry is making big profits so why continue to subsidize it???? Why pay them 18 billion??

But if they just voted out the tax break(which could probably take all of a week), then they wouldn't have the opportunity to grandstand and pretend they are doing something when they really aren't.