As oil climbed to a humungous record of $135 a barrel, yesterday US senators once again lined up Big Oil’s biggest executives and pummeled them with questions.
“Where is the corporate conscience?” Senator Dick Durbin, Democrat from Illinois, asked the top executives of the five largest U.S. oil companies, who have earned a whopping $36 billion during the first three months of this year.
When asked about the obscene profits, the oil executives said one reason was areas remained off-limits, and then challenged lawmakers to open more areas to drilling.
“If the nation set a goal of increasing domestic production by 2 (million) to 3 million barrels a day by opening up new sources of exploration and production, we could demonstrate to the world that we are in control of our own destiny,” Shell Oil Co. President John Hofmeister said.
The trouble is their arguments do not cut the mustard. “Not a single suggestion came from the oil executives in the Senate today that will lower gas prices” said Steve Kretzmann, Executive Director of Oil Change International. “There’s a reason for that, which is that the only answer is one they don’t want to discuss – an urgent transition to renewable energy.”
“We could drill every last inch of Alaska, the Rocky Mountains, and our coasts and it would barely make a dent in supply or prices,” Kretzmann continued. “Congress needs to stop this political theater and get serious about the transition to renewable forms of energy. So far, they’re continuing to lavish the industry with billions in subsidies, while receiving millions from the industry in campaign contributions. We need a Separation of Oil and State in this country, and until we get one, the American people will continue to feel the pain.”
I wish they would get a conscience…I wouldn’t want to be near them when a match is lit on Judgement Day..
“When asked about the obscene profits, the oil executives said one reason was areas remained off-limits, and then challenged lawmakers to open more areas to drilling.”
Maybe I’m just not awake enough, but what the hell does opening areas to drilling have to do with record corporate profits? Lowering their prices would eat into their massive profits, that’s the obvious answer. What the executive was in essence saying is “I’m not answering your question, you are not in charge, now here’s our demand.”.
GM, VW, and other automakers are selling cars in the UK that get between 40 and 80 mpg, but those cars will not be sold in the US. These are low emissions diesel and smaller engine gas powered cars. Anyone can go to the UK version of these automakers web sites to see that we in the US are being robbed.
i think this is all bs. The supply and demand has something to do with it but not all. I think everyone in America believes we will one day live without oil and the time is now to react. Congress has to act a lot faster and a lot harder in order to solve this issue. We need a solution to this problem now, not later. The oil execs should be ashamed and I would not want them to meet any Americans who give their last hard worked for dollar in any alley!
Americans wanted the status of owning gigantic gas guzzling SUVs. We still, even today, zoom down the highways at 75 mph – getting even worse mileage. We don’t use public transportation. We laughed at environmentalists and labeled them as crazy. We have fervently pursued a lifestyle based on consumerism which holds a contemptuous disregard for our one environment. It has taken the blatant corporate greed of oil companies to force you to rethink how you have been living. It’s our fault for being depending upon their product – oil. WAKE UP AMERICA!!
Two Words….can you say “DOMESTIC DRILLING?” Even if the U.S simply announced drilling intentions throughout it’s borders…Oil would take a nose dive! The only way we going to stop this madness is to STOP RELYING on foreign oil!
Wake up America!! Why is everyone so surprised about the unbelievable increase in gas prices?? There is a Cheney and Bush in the White House. There has always been a demand for gas. The populations of China and India did not triple within the same year. Obscene profits, increased dividends for Haliburton and Shell/Exxon shareholders, its all part of a the big scheme by the Bush and Cheney gang. The deception to go to war was part of the oil takeover in the middle east and the control of the oil price/barrel. George Bush was a major failure as a oil/business owner (Arbustos) and this was his only way of making his profit. As far as Cheney, its nothing but pure greed. How much more money can a person want? The sad thing is that many people suffered so that the Bush/Cheney families could benefit financially not to mention the thousands that died in Iraq. Bush and Cheney should be tried for war crimes.
We need to take the politics out of the issue. Both parties should be for wanting alternative energy, we are running out of time…