The U.S. Senate's Oil Spill

Posted on Tuesday, November 22 at 10:55 by jensonj
At such a critical juncture in the world's energy balance, the antagonism being created between big oil and the public serves little purpose in America. Whether or not you agree with how much profit big oil companies are making, beating them up is not a formula for solving the world's oil-supply issues, mitigating U.S. dependency on foreign supplies, and bringing down domestic gasoline prices. And if you believe these issues have been solved in the past few weeks just because hurricane season is over and a few more people have chosen to buy hybrid cars instead of SUVs, think again. The truth is, we are in a transitional period in the history of the world’s energy evolution, which encompasses relentlessly rising demand, tightening supplies, simmering geopolitics, troubling environmental issues and growing intolerance to new infrastructure, among the many forces that are stressing our vast petroleum complex. At last week's joint hearing, politicians and the media zeroed in on third-quarter mega-profits posted by mammoth, publicly traded oil companies--collectively, tens of billions of dollars in three short months. Surprisingly, this has to be one of the few occasions in a capitalist, free-market democracy where stellar corporate performance was not accompanied by cheers and backslapping. Just the contrary: Egged on by the public, there was a chorus of charges accusing these oil companies of profiteering and price gouging at the expense of the public. All the more galling was the fact that it was happening at a time of national distress caused by the wrath of the recent hurricanes. Also see;


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