Wednesday, May 21, 2008

Good News, Bad News (I'm ranting again)

Good news is that congress is grilling oil company executives regarding the high price of gas. Bad news is that congress may not be able to do anything about it right now.

The executives couldn't come up with a reason other than supply and demand. Don't tell me these brilliant people think we are going to believe that.... not when their profit levels are in the billions. Bullshit! (that's my toned down wording... and I want to say it again. BULLSHIT!!)

"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."

Can ya just smell the bullshit? Be sure to check your shoes. Its all over the place.

"He [senator] 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."

"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 first quarter... that's just three months, folks.

There's talk of taxing excessive profits. That's not going to do it. We need regulations to stop them from making that much profit in the first place.

It doesn't say much more, but the full msn article can be found here.

And just one more comment on another subject... one area that is probably benefiting the most from the stimulus payments is the IRS. The payments will increase most people's taxes, not to mention all the payments they snatched outright. The government giveth and the IRS taketh. And its all one big happy family.

Okay... now I'm going to try to leave the ranting alone. We'll see how I do.


Sandy said...

I keep reading how gas will be going up to 5 bucks and higher a gallon pretty darn soon. I am so glad we do not have any long commutes anywhere on a daily basis.

What IS going to stop this!!

Sue J said...

We're currently paying $1.49 per litre (2.2 pints) in OZ, and they reckon it will be up to $2 per litre by the end of the year. What gets me is the price per barrel goes up and IMMEDIATELY we're getting slugged more at the bowser. You would think they would at least wait to put up the price until they re-fill the storage tanks. As a consequence food prices are set to double by the end of the year also. We'll be gnawing our own limbs off soon!!
Nothing can stop the greedy bastards. They have to keep the shareholders happy. I think it would be wise to invest in a horse.