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Open the Spigots
As the cost of crude tops $130 a barrel, top oil executives are on Capitol Hill today to testify before lawmakers about the latest smackdown of the US economy - the rising cost of fuel.

According to the Washington Post, "Five oil company executives held up their right hands and swore to tell the truth at the hearing, which also included ConocoPhillips and the U.S. subsidiaries of BP Plc and Royal Dutch Shell. Oil company executives repeated a familiar mantra that crude oil markets - not profiteering at the gasoline pump - is the prime reason behind high prices."

While there's plenty of blame to go around, there's no question the oil barons are reaping record profits while Americans are breaking open their piggy banks to buy overpriced gasoline to fuel their needlessly low mpg autos to drive them over crumbling roads toward their low-paying, soon-to-be-outsourced jobs so they can attempt to purchase suddenly-more-costly groceries and make their ballooning sub-prime mortgage payments.

Newsweek reports from the hearings today: "'The president once boasted that with his pals in the oil industry, he would be able to keep prices low,' said Sen. Patrick Leahy of Vermont, the panel's chair. 'Instead, it is his pals in the oil industry who have benefited.' J. Stephen Simon, executive vice president of Exxon Mobil Corp., said profits have been huge "in absolute terms" but must be viewed in the context of the massive scale of the industry." He also said high earnings are needed 'in the current up cycle' to pay for investments in the long term when profits will be down.' Sen. Arlen Specter, R-Pa., said Exxon's annual profits increased from $11.5 billion to $40.6 billion in the past five years and there was no explanation for "why profits have gone up so high when the consumer is suffering so much." The five companies earned $36 billion in the first quarter of this year.

The article continues by quoting the committee chairman, "'Current up cycle,' that's a nice term," replied Leahy with sarcasm, 'when people can't afford to go to work" because gasoline is costing close to $4 a gallon.' He asked Simon what his total compensation was at Exxon, a company that made $40 billion last year. Simon replied it was $12.5 million annually."

Truthseeker, when's the last time you made close to $13 million a year?

The lame duck in the oval office cares nothing about the problem, as evidenced by his empty-handed return from his latest vacation in Saudia Arabia. So is a lawsuit the answer?

According to Reuters, "The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure. The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow. The measure passed in a 324-84 vote, a big enough margin to override a presidential veto."

Has it come to this? The American people have to sue for affordable resources? Can we sue to get our manufacturing jobs back? How about health care; can we sue to get coverage? Clean air and water? An increased minimum wage?

For an administration that "hates" trial lawyers, the Bush Crime Family sure is leaving wide open the door to the civil courtroom.

--KBM
http://www.mikemalloy.com/live/
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