Both.
Posted on 05/21/2008 7:51:41 AM PDT by tobyhill
NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators hauled company executives in to testify Wednesday to ask what's behind the recent runup.
The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which topped $130 a barrel earlier in the day. The committee is set to question executives from Exxon Mobil (XOM, Fortune 500), ConocoPhillips (COP, Fortune 500), Shell Oil Co. (RDSA), Chevron (CVX, Fortune 500) and BP (BP).
"Normal supply and demand says prices should be around $55 to $60 a barrel," said Sen. Patrick Leahy, D-Vt., chairman of the committee. "Prices should not skyrocket like this in a properly functioning, competitive market."
Before the hearing even began, a heckler in the crowd shouted: "Stop ripping off the American public - bring these oil prices down."
But a top executive from BP said the high prices are being driven by global forces.
"We cannot change the world market," said Robert Malone, chairman and president of BP America Inc. "Today's high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation."
(Excerpt) Read more at money.cnn.com ...
If the Rats did that then they will have a backlash of enormous proportions from their Green Branch.
Then Senator explain why WORLD market prices are over $120 per barrel. Any student of econ 101 can explain that high prices are largely a result of tight supply and increasing demand. If Sen.Leahy and friends had allowed drilling in ANWAR and off the Florida coast world market prices would be at $55-60 per barrel. The Democrats are bound to bring back the economics of the Carter administration with stagflation, economic malaise and long lines at the gas pump for high priced gasoline.
The only reason the price of oil is up is because the value of the dollor is way down and easy credit.
With the devaluation of the dollor aka inflation, and no increase in oil production to offset we get inflation in the price of oil
One of the congressional idiots just asked what’s the solution to the oil execs.
That's another myth. Domestic production is 10% of world production. It might go to 12% with crash development and that won't be cheap.
Both.
The solution would be for all the idiot senators to go home and quit blocking our real energy independence which is to drill where ever there is oil.
No need. Congress is going to pass a law to make OPEC do it for us.
After solving the oil supply problem, maybe Congress can pass a law to make it illegal for Iran to build nuclear weapons.
Why not? We all know that passing laws to make it illegal to possess marijuana or cocaine has eliminated both drugs from the United States. Gun control laws are all based upon the same theory.
$131.10
Special for zombie refinery owners.
It makes you wonder if they really can’t sell the crude or are they waiting to sink the tankers in the Straights of Hormuz should a conflict with the US break out.
BS, the big oil companies control the majority of the drilling contracts and speculators. To claim they are blameless is utter garbage, they admit as much when they say they are doing what’s in the best interests of their stockholders.
I can't wait for the complete destruction of EVERYTHING, baby!
Nice part is, we all suffer!!! WHOO HOOOOOO!
In the nineties, the Democrats were commonly heard to say, I feel your pain, and promise hope for change. Who knew that they would enjoy seeing and exacerbating that pain, so much?
The Washington State governor has promised to force us out of our cars, by stalling on traffic issues and taxes on gasoline. Hillary has promised to take things away from us. Obama promises confiscatory taxes. Democrats do not want to make life easier or better, they want to see us suffer.
I’d like to see a political cartoon with leading Democrats dressed in leather sado/masochism outfits, cracking a whip, with the saying, I feel your pain, standing in front of a gas pump.
North America as a whole is less than 1/3 of the world. 
In fact we are about 1/2 of OECD and 1/4 of the world.
It is not just gas you congressional dolts. Look around and see if you notice any plastic components. They are everywhere in your house, office, computer, automobiles, and your lobbyists private jets. It takes oil to make all plastics and plastics are the backbone of the non-steel based manufacturing industry.
Tires, plastic forks and kitchen ware, Xboxes, toothbrushes, the list is extensive and the economy is booming all over the world not just here.
Plastic demand has a lot to do with overall oil demand.
Is eleven supertankers significant? A post yesterday said the global pipeline is not at capacity, that it is down a quart.
Oil at $132. Inventories came in -5.5m bbl. Ouch.
$131.67
WHOOOOOO HOOOOOOOO!!!!!!
Let’s just make it $50,000.00 a barrel and be done with it!
We’ll have to watch this. It’s like watching paint dry: slow but inevitable.
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