Posted on 05/21/2008 8:08:44 AM PDT by Nachum
WASHINGTON - Senators told oil executives Wednesday that high oil prices cannot be explained by supply and demand and the oil industry's concentration — and OPEC price collusion — is contributing to the costs facing consumers.
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Executives of the five largest oil companies were appearing before the Senate Judiciary Committee.
Committee Chairman Patrick Leahy, D-Vt., said there's an unexplained "disconnect" between prices — at nearly $130 a barrel — and legitimate supply and demand.
"We need to get prices under control.... We can only conclude that the oil markets have failed," said Sen. Herbert Kohl, D-Wis.
But Shell Oil Co. Chairman John Hofmeister said the prices can be explained, saying, "The fundamental laws of supply and demand are at work."
“But Shell Oil Co. Chairman John Hofmeister said the prices can be explained, saying, “The fundamental laws of supply and demand are at work.”
Which is when the Democrats began to drool because they lack the understanding of how supply and demand works.
“The fundamental laws of supply and demand are at work.”
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That is right. The oil companies work hard to keep pols happy with the current state of our “energy policy” which is to NOT BUILD NEW REFINERIES, NOT DRILL AND PUMP MORE OF OUR OWN CRUDE, AND KEEP SUPPLY SHORT so that the word “COMPETITION” can never enter into the retail sales picture of the energy and fuels.
That is their “law of supply and demand”.
“The oil companies work hard to keep pols happy with the current state of our “energy policy” which is to NOT BUILD NEW REFINERIES, NOT DRILL AND PUMP MORE OF OUR OWN CRUDE, AND KEEP SUPPLY SHORT so that the word “COMPETITION” can never enter into the retail sales picture of the energy and fuels.”
You can blame the greenies for that.
So I guess every American in this country just decided to get up during the night and go fill up their vehicles and drive around until they need to fill up again? That is why oil jumped a record $9 over night? That is “supply and demand”.
Just once I want an oil exec to ask a senator about the profit the government makes on each gallon with absolutely NO RISK and to justify to the American public the expenditures of that profit. Just once. I’d buy that company’s product over all others when possible.
You ever bothering looking at their financials to see how RIDICULUOUS you sound. Look at how much they spent on drilling, completing, new prospect contractual obligations, R&D, and on and friggin on.
Your comments are worthy of DU or Daily KOS, not FR.
When is the government going to be forced to defend their record tax intakes?
Like someone once said, “Stuck on stupid”. And you can’t fix stupid.
However, you can STARVE stupid until it gets smarter. They just have to get so loopy that they are finally face to face with their own survival.
Don't confuse people who prostrate and worship at the god of supply and demand. They will put you over a pit and cut your heart out.
“We need to get prices under control.... We can only conclude that the oil markets have failed,” said Sen. Herbert Kohl, D-Wis.
Interpretation: Price controls will fix it. It worked so well last time! /s/
Look at how much they spent on drilling, completing, new prospect contractual obligations, R&D ...
Don't forget taxes. While Exxon Mobile made around $10 billion in Q1 this year, they paid $30 billion in taxes.
Every two to six years if I remember correctly. It's just that Americans are too stupid to fire their leaders for their criminal incompetence.
Can I assume that that $30 billion in taxes was not just for Q1?
Don’t forget taxes. While Exxon Mobile made around $10 billion in Q1 this year, they paid $30 billion in taxes.
No Kidding. I was fuming so much in my response I couldn’t even spell ridiculous, much less think of all the other refutations to that idiotic statement. Thanks.
This is all just election year posturing. Nothing more.
Congress needs to be told by all that they need to get out of the way of drilling, drilling and more drilling.
Bullcrap. The oil industry has greatly expanded its refining capacity at existing refineries, and if you'd bother to check the drilling rig count in America, you'd see that it has skyrocketed in the past few years. They are drilling as fast as they can where the government lets them.
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