Oil Execs Defend Huge Profits Before Senate

by momzcrazy 143 Replies latest social current

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  Big Tex

  Yeah and the selfish #$%^ chose to take good care of themselves and take medication so they lived to be old. They coulda trashed their bodies as youngsters or committed suicide.

  I don't really understand the anger directed at the average consumer in this thread. Not every American drives around in an SUV.

  There was an interesting article in the Dallas Morning News this morning regarding the role of speculators driving up the price of gasoline. Here is the link:

  http://www.dallasnews.com/sharedcontent/dws/bus/stories/DN-oil_25bus.ART.State.Edition2.466a9bf.html

  This is not the first time I've heard this, and I do think the idea has some merit.

  Having said that, directing sweeping statements at individuals is not really that productive is it? The leaders in the United States chose to base, not only the economy, but the structure of society, around cheap oil. They were warned this was short sighted and yet did nothing. Snobbishly looking down a condesending nose, or wagging a smug finger at the common person does little to change the reality that millions of people are caught in a very real situation in which they had very little input.

  It is a matter of history that the common person has always paid the highest price for foolish and/or short sighted leadership.

  I've said numerous times on this board, and others, that Congress, or the President, or whomever has the balls, should put together a Manhattan Project for renewable energy. The theory is there for several possible sources, it just takes working through the mechanics, much like in 1942. Unfortunately, in my opinion, greed, short-sighted easy answers and self-interest, at the national leadership level, have prevented any progress toward such a thing.

  Maybe if oil hits $150 or $200 a barrel that will change. Maybe not. Either way, the average person gets screwed.
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  crazyblondeb

  This thread does not apply to those who already use alternative forms of transportation, namely, a broom. Warlock

  Where does it say that? Just means I dont' use oil! HAHAHA!
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  Gopher

  I'm no expert on economics, it's all very confusing.

  However -- with the price of gasoline up near $4 a gallon here in the USA, demand has to be dropping. People are taking fewer cross-country trips now than before, so I've read. So wouldn't this drop in demand normally lead to a drop in price?

  Is this oil price speculation a bubble that's about to burst, similar to the way the home-mortgage bubble did in 2007? (Based on the article linked by Big Tex, this seems a distinct possibility.)
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  FlyingHighNow

  FHN

  With the inflation the high price of oil is causing, and if it continues at this rate, our economy will collapse and the dominoes will fall in every direction, including yours. The whole world economy is in danger of collapsing should this continue.

  When you left the j-dubs, you should have also left your doom and gloom attitude. Take a moment, relax, breathe deeply and repeat after me. Everything is going to be ok.

  Sammie

  It's not doom and gloom, Mr. Pollyanna, it's economics. I'll explain. Products need to be shipped. Trucks need diesel. Jet's need fuel. Ships need fuel. Cars need gas. Who do you think pays shipping companies for that gas? Why the companies and people ordering the products pay the shipping/fuel costs you say. And how do you think they come up with the money to pay for 6$ and more per gallon of diesel/gasoline fuel? You think they swallow the cost and out of the kindness of their hearts they don't pass the costs onto you and me and the rest of the consumers? I didn't think so. So, since it costs so much to ship products, product prices go up and up and as the fuel prices go up and up. The product makers have to pay higher prices for fuel and they have to pay higher prices for raw materials to produce their products. Why? Because the raw material folks are paying higher fuel prices, too. So, not only are the producers paying for high fuel prices, they are paying higher prices for raw materials due to fuel prices. Every single thing we eat, wear, drink, etc. costs more now due to the high shipping and raw material costs. America is a huge contributor to the world economy. As we get charged more, everyone has to pay more. It's a vicious cycle of runaway inflation.

  You wished for the prices of gasoline to go up to $6 for gasoline. I did not. I am telling you that if your wish comes true, prepare for economic depression worldwide. If you don't live in America, it's still going to affect you.
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  FlyingHighNow

  Yeah and the selfish #$%^ chose to take good care of themselves and take medication so they lived to be old. They coulda trashed their bodies as youngsters or committed suicide.

  I don't really understand the anger directed at the average consumer in this thread. Not every American drives around in an SUV.

  Tex, I hope you realized this was sarcasm on my part to highlight just what you are saying.

  Let's freeze a few more folk out - those old people don't really need to be warm do they?

  I guess some would say they chose to live where it's cold.

  A remark was made about poor decisions about where we choose to work and live and what we drive. Then the elderly needing heat and living in cold climates was used in a sarcastic reply. I was echoing that sarcasm. I hope you quoted me because you understood what I meant and not because you were taking my comment seriously.
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  Indo_Dude

  I looked up the Ford Taurus at www.mpgomatic.com and the EPA estimates show 20 mpg city / 27 mpg hwy for the 2005 on forward. You drive 25 miles one way to work or 50 miles per day roundtrip x's 5 days a week, or 250 miles a week. Add in some personal driving and you are putting what? 400 miles per week on your car? 400 miles / 24 mpg average = 16 1/2 gallons a week, or 71 gallons a month. At $2.50 a gallon that's $177.50 per month, at $3.50 per gallon that's $248.50 per month, and at $4.50 a gallon that's $319.50 per month. A difference of what? $140 a month? If you don't want to pay that much more per month to oil companies, buy a Toyota Prius, and you'll only need 38 gallons per month, or $171.00 @ $4.50 per gallon.....that makes it cheaper than your Taurus was at $2.50 a gallon.

  YOU HAVE CHOICES. You just refuse to accept your part in the 'problem' you claim you are in. You did choose to stay where you were born and raised. A choice NOT to do anything, is still a choice. You have CHOSE your situation, based on your desires. It's not big oil's fault for your decisions. You chose. Did you consult the oil companies when you made your choices? No? Then why should they be concerned with YOUR choices now?

  I live in a colder climate. Utilities here have plenty of programs for those that don't make a lot of money to help offset their energy costs. But it really doesn't matter. Whether you live in Texas where your summer bill is thru the roof for air conditioning, or North Dakota where your winter heat bill is thru the roof, climate is pretty much a wash regardless of where you live. In most if not all cold climate areas power/energy companies cannot shut off your service in any of the winter months.

  Take responsibility for your choices. Cheap gas and oil are not enshrined in the Constitution.
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  owenfieldreams

  It's all Bush's fault...............................................Right?
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  shamus100

  I don't understand when these old senators just cannot figure something out, they have to have these special committee's to figure it out - isn't that what they get paid for???? They treat people like shite when they talk to them too! Very unprofessional.

  Anyhoo, back to your regular-scheduled programming. (ducking head)
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  FlyingHighNow

  It's all Bush's fault...............................................Right?

  No, he had lots of help. Look into Cheney, Condi and others on his original cabinet and their interest in oil companies. He didn't do it by himself, but he's not Mr. Innocent either.
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  shamus100

  I hope you guys are kidding. I hate bush, but he had nothing to do with rising oil prices whatsoever. The world does not revolve around the United States on this issue.

  Supply and demand, lack of adequate refining facilities is it. A few dumb people who drive hummers in the U.S. would affect the price of oil generally zero. It's China, Packistan, and other emerging countries that are driving up the prices.