Posted on 10/27/2005 1:50:39 PM PDT by libertarianPA
WASHINGTON (Reuters) - Amid record-high earnings from oil companies, Senate Majority Leader Bill Frist on Thursday ordered a Senate hearing with testimony from major oil company executives on why energy prices are high.
The unexpected announcement by the chamber's top Republican showed the growing political pressure as American consumers brace for higher winter heating costs at the same time energy companies are reporting fat profits.
"If there are those who abuse the free enterprise system to advantage themselves and their businesses at the expense of all Americans, they ought to be exposed, and they ought to be ashamed," Frist said in a statement.
The Senate leader also asked the chamber's permanent subcommittee on investigations to launch an inquiry into energy price profiteering. "And ultimately, if the facts warrant it, I will support a federal anti-price gouging law," he said.
Democrats have already introduced several proposals to outlaw oil price profiteering. The nationwide average retail gasoline price topped $3 a gallon soon after Hurricane Katrina hit and crude oil soared to a record $70 a barrel.
Prices have since eased somewhat, but the U.S. government forecasts winter heating costs will be sharply higher for consumers.
Frist said he asked the Senate Energy Committee and the Senate Commerce Committee to hold a joint hearing to look at the reasons behind energy prices. He did not say if a date has yet been set.
"I have asked them to call as witnesses executives from the major oil companies and representatives of the state attorneys general, who have the initial responsibility of keeping the behavior of local energy providers on the straight and narrow," Frist said.
Since the hurricanes hit the U.S. Gulf Coast, Republicans have sought to offer more federal incentives to energy companies to build or expand oil refineries. Democrats this week blocked a Senate plan, saying oil companies were making enough profits to fund such expansions themselves.
On Thursday, Exxon Mobil reported third-quarter earnings of $9.9 billion -- one of the largest quarterly profits in U.S. corporate history.
"We need to increase refinement capacity, provide more energy resources, encourage conservation, invest in science and technology, and, most importantly, transition toward energy independence, including the use of more alternative fuels," Frist said
Just one more example how Republicans are becoming more and more like Democrats.
Frist rode a fast train off the conservative reservation some time ago.
At least he's got almost no chance of getting the '08 nomination now.
"Democrats have already introduced several proposals to outlaw oil price profiteering."
These people, Repbulicans too, know d@mn well that oil and gas are no different from any other product. What's going on is supply and demand and the result of politicians like Frist giving in to the environmentalists - over regulation and taxation to the point where building more refineries isn't profitable.
Fine. Next let's have an investigation into why congresscritters make such inordinate profits.
Well, call off the environmental dogs so that private industry will invest in refineries!
Oh, and get the regulations out of the way.
If there's nothing to hide then there's nothing to be found. I wouldn't worry about it.
No more worry than the last half dozen times the windbags in DC pulled out the "Big Bad Oil Companies" strawman.
Get probed yourself Frist. You were no help to the President with his Supreme Court nominee.
>>>Fine. Next let's have an investigation into why congresscritters make such inordinate profits.
That's already happening to Frist, though tecnically the investigation regards an attempt to avoid inordinate losses.
That's not the point. Forget parties for a moment. This man represents an institution that is supposed to keep it's big fat nose out of commerce and let capitalism do its job. If someone has EVIDENCE that oil companies are doing something shady, they should bring it to the proper authorities. Here, Frist is going on a witch-hunt with nothing but high profit reports to go on.
Instead of saying, "Hey! Good for you! God bless capitalism! Keep up the good work," we've already called the oil companies crooks.
Liberty my @ss. Shame on Frist, and all other politicians in Washington.
I'll defend the oil companies......for a price.
Ain't capitalism grand?
I'm not sure what your point is. But, yes. Capitalism is grand!
Has this bright light noticed that crude oil prices are declining?
Has he also noticed that oil and oil-related stocks are taking a beating commensurate with this price decline?
What a maroon. When does he leave the Senate?
These threats do the exact opposite of what they intend.
By threatening an industry they only reduce future investment and competition.
Who wants to invest in energy if the government is going to single you out for making too much money?
Frist is nothing but a big Joke.
Geez. Don't waste money on another investigation! We all know why the prices are high -- people were willing to pay them! There -- I saved several million dollars for the taxpayers. Do I get a commission on that?
Ooooooooh.... I'd love to see the video clip of this one...
It's hard to imagine how he could say this and still maintain a straight face.
Nah, its called political cover. You don't actually DO anything, you just look like you are. Nothing new to see here. Besides, the real show on energy prices is when it comes to bills supporting the building of more refineries and nuclear power plants. If the Republicans balk on those, then we have a problem.
You got that right.
This is a joke and something I would expect coming from Sen. Boxer.
Was Trent Lott this lame? I sure was glad that we got rid of Lott but like you say Frist is the last guy I'm voting for in the GOP primary.
If there is something to be found it will probably be found. But if not, at least we can clear the air once and for all and say 'see, we made an investigation, and there is no price gouging'
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