Congress Has Big Questions For Big Oil
So what? We’re not going to do a damn thing about it. Well sit back and listen to the same old same old again and again…
“‘Our earnings, though high in absolute terms, need to be viewed in the context of the scale and cyclical, long-term nature of our industry as well as the huge investment requirements,’ said J.S. Simon, Exxon Mobil’s senior vice president. Last year the oil and gas industry earned 8.3 cents per dollar of sales, only a little higher than the Dow Jones Industrial Average for major industries, he argued in prepared testimony.”
That’s right - prepared testimony. Repeated ad infinitum by his predecessors. Its so prepared he probably just brought the same copy one of these executives read from in 1976.
Additionally - the height of arrogance and profiteering speaks in a “sympathetic” voice for the people/lemmings;
“I heard what you are hearing,” John Hofmeister, president of Shell Oil Co., told Markey, adding in prepared testimony that he knows that “Americans are worried about the rising price of energy…. These cost increases are hitting consumers hard, particularly the poor and those on fixed incomes.”
Yeah, well, hearing and doing something to fix it are certainly two distinctly different things. What’s that? Oh, you really don’t care, do you? I didn’t think so.
Yet, we take it…
BTW - Presnit Bushco promises to veto any legislation that voids the oil companies tax credit windfalls. Now, there’s a real patriot!
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