Snake oil rhetoric masks big-oil issues
to foreign oil for alarmingly high energy prices. Once again, snake-oil salesmen are outshouting reasoned discussions about $3 gas.
The clamor from Capitol Hill is one example. Capitalism has become a dirty word. Congressional leaders from both sides are demanding investigations of oil companies for "price-fixing," "price-gouging" and "windfall" profits. In response, President Bush ordered an investigation into gouging, urged an end to tax breaks for oil companies and suspended deliveries to the Strategic Petroleum Reserve through the fall. Suspending deposits will keep about 25,000 barrels more a day on the summer market, according to Bloomberg News — a drop in the ocean considering U.S. petroleum consumption averaged 20.7 million barrels a day in 2004.
( Full story here )
The clamor from Capitol Hill is one example. Capitalism has become a dirty word. Congressional leaders from both sides are demanding investigations of oil companies for "price-fixing," "price-gouging" and "windfall" profits. In response, President Bush ordered an investigation into gouging, urged an end to tax breaks for oil companies and suspended deliveries to the Strategic Petroleum Reserve through the fall. Suspending deposits will keep about 25,000 barrels more a day on the summer market, according to Bloomberg News — a drop in the ocean considering U.S. petroleum consumption averaged 20.7 million barrels a day in 2004.
( Full story here )
posted by Oil Shock at 5/03/2006 08:39:00 AM
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