I didn’t watch this little show trial on C-SPAN, but I’m pleased with how the oil execs stood up for themselves. I think they made the case that Congress is the problem, and I note as evidence the complete VACUUM of reportage on this issue wrt whether or not the admin will “do something”.
This whole thing is so jerked off. Nobody likes paying big bucks for their gas, but the oil companies have almost NO control over the pricing for their product, believe it or not. They pay gobs of money in taxes and the sales of their products furnishes loads of money to Fed and state tax coffers. In fact, the government makes MULTIPLES of the money the oil companies make on every gallon fuel. And the gov’t doesn’t have to explore, drill, transport, refine, nor test the stuff. Exxon et al make 6 or 7 cents from every gallon. In fuel excise taxes, the Feds make at least 18 cents a gallon, the state makes 8-10% of the final sale price per gallon just on sales taxes and many states have fuel taxes over and above that. But it’s never enough in this giant envy-stoking, demonizing game the Dems play.
This whole stupid thing about Exxon making $10.9 billion last quarter. That’s $35 in net net profit from every US citizen. Let’s add in all the other major producers. What’s that, $75? $100? Do we get $100 of benefit from having gas to put in our cars over 3 months?
Yes, (The Republican) Congress IS the problem. If we are ever to bring down high oil prices, and reduce our dependence on foreign oil, (The Republican) Congress must act swiftly and boldly to REPEAL this Welfare For Big Oil; and RAISE the Federal Gasoline Tax by AT LEAST $0.50--a DOLLAR would be better--per gallon! /Pelosi-Reid Mode