He can't do anything about higher gas prices...
"But of course, the federal government should (and already does) play a huge role in how gasoline prices are set,".
And, Bush is doing something about gasoline prices: through lack of enforcement of antitrust laws, mismanagement of the Strategic Petroleum Reserve, and subsidies and tax breaks for the oil industry, he is helping the oil industry make record profits!
:wow:
Record Prices Mean Record Profits for Oil Companies
Consumer Pay More at the Pump, While Firms See Billions in Added ProfitsAs American consumers increasingly feel the pinch at the pump, oil companies have watched their profits soar.
The newest numbers from the second quarter of this year show Exxon Mobil with a 32 percent increase in earnings over this time last year -- that's more than $7.6 billion.
BP saw a profit increase of 38 percent, totaling $6.7 billion, while Conoco Phillips -- the third largest oil company in the country -- recorded a 56 percent increase in profit, more than $3 billion.
"The huge profits are enormous because the public is drastically overpaying what it costs to produce," said Joan Claybrook, president of the consumer advocacy group Public Citizen.
Many of these companies long ago bought oil reserves at prices of $10 to $25 a barrel. With prices peaking near the $70 mark, the profit margin has been enormous.
Even more eye-opening is the profit in Saudi Arabia. Saudis are making an average of $208 million more each day since the increase in crude oil prices first began in December 2003.
"They
got $6 billion in the energy bill over 10 years. That's a huge, huge amount of money," said Claybrook. "And you'd think with the price of oil at $70 a barrel, they didn't need any new incentives."
http://abcnews.go.com/WNT/story?id=1029991
OIL INDUSTRY EXECUTIVES GET 109.1% RAISE: :spank:
EXXON’S HEADACHE — WHAT TO DO WITH $40 BILLION IN CASH?::puke:
Rising Gas Prices and Big Oil's Agenda
Wenonah Hauter is director of Public Citizen's Critical Mass Energy and Environment Program; Hauter said yesterday: "Since Bush became president, the largest five oil companies operating in the U.S. -- ExxonMobil, ChevronTexaco, ConocoPhillips, BP and Shell -- have enjoyed profits of $254 billion, with ExxonMobil leading the way with profits of $89 billion.
"Clearly, there is a direct correlation between record prices paid by consumers and record profits enjoyed by oil companies. For example, the profit margin for U.S. oil refiners has shot up 79 percent from 1999 (the year Exxon and Mobil merged) to 2004. But rather than hold these price-gougers responsible, the energy bill signed by Bush this month gives $6 billion in tax breaks and subsidies to oil companies."
James Paul, executive director of the Global Policy Forum, has written several reports about oil including "Oil in Iraq: The Heart of the Crisis." He said yesterday: "Exxon, as the world's biggest and most profitable company, wields enormous power in Washington and in most other capitals as well. The company has plenty of lobby funds, as it enjoys more revenue than 185 national governments. Exxon has blocked a U.S. national policy on climate change and fought against environmental laws. Oil company interests are not only crucial in the war in Iraq, but also other conflicts, such as Iran. As world oil supplies begin to diminish, big oil dreams of ever-higher profits, and more oil wars to seize new and lucrative concessions."
http://www.infozine.com/news/stories/op/storiesView/sid ... /
(Oil companies are lobbying the Bush administration to weaken clean air requirements, claiming that they are preventing refineries from expanding production. This is false. Refineries can expand production by any amount under current law, without triggering "new source review," provided they agree to offset any additional pollution from the refinery. There are ample opportunities in each refinery to control emissions and avoid an overall pollution increases. Oil refineries are major sources of air pollution. They are the largest industrial source of volatile organic compounds).
:grr:
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
