Why ?
It was an interesting and enlightening "hearing". We keep hearing that the president "can't do anything" about gas prices but this is a group of congress that feels more can be done.
Did you know that in the early 90s that, while big oil comapanies were merging to become bigger oil companies, as a business decision, they shut down 50 refineries so as to keep the supply "tight". ( as in a noose tight around our neck )
Did you know that the new Energy Bill calls for tax dollars to go to Big Oil Companies to help open more refineries ?
Did you know that crude oil was 15 dollars a barrel in 1998 ?
Did you know that Exxon /Mobile has a midyear profit of 30 Billion dollars with a "B".
Did you know that 40% of our oil supply comes from right here at home.
It was intereting to note that NO republicans would attend this hearing. It was interesting to note that no Oil Company CEOs would attend this hearing.
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FOR IMMEDIATE RELEASE Monday, September 19, 2005 |
CONTACT: Barry E. Piatt or Rebecca Pollard PHONE: 202-224-2551 |
DORGAN CONVENES FIRST SENATE HEARING ON BIG OIL COMPANY WINDFALL PROFITS, CALLS FOR CONSUMER RELIEF
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(WASHINGTON, D.C.) --- U.S. Senator Byron Dorgan (D-ND) on Monday convened the first Senate hearing on the billions of dollars in windfall profits the nation’s biggest oil companies are now collecting, and called for action by Congress to provide consumer relief. To illustrate the windfall profits the big oil companies are making, Dorgan unveiled a computerized gasoline pump-like calculator that tallied the windfall profits rung up by the big oil companies during the course of the hearing. As the conclusion of the 105 minute hearing, the oil companies had collected more than $16 million in windfall profits. Dorgan invited the chief executive officers of three major oil companies – Shell, ExxonMobil and Conoco Phillips – to testify at the hearing, but their seats were empty when the hearing opened. Instead, the panel heard testimony on the effects of the high gas prices from Mary McCaffrey, a cranberry farmer whose transportation and operating costs have mounted; Pat Meadowcraft, an independent gas station owner who has lost business due to high prices; and Tricia Young-Williams, a mother who has been forced to limit travel and cut back other family expenses. “While the American consumer is paying the highest prices in history for a gallon of gasoline, the major integrated oil companies are racking up record profits,” Dorgan said. “City drivers, family farmers, Main Street business, and truckers—all of them are hurting while the major oil companies are raking in windfall or excess profits. When winter comes to the Northern Great Plains, the U.S. Department of Energy estimates that the price of natural gas will be up 70 percent over a year ago. That is going to be a tough burden for a lot of North Dakota families. That’s why we need to take action.” Dorgan also questioned Dean Baker, of the Center for Economic and Policy Research; and Mark Cooper of the Consumer Federation of America. They testified that the profits flowing to major oil companies are not being used to develop new energy sources or operate more efficiently, but rather for purposes that do not further the public good. Dorgan has introduced the Windfall Profits Rebate Act, which would tax the excess profits of major oil companies in order to provide rebates to consumers. The legislation includes an exemption for companies who use their profits to increase energy production or expand refining capacity. He also authored a provision in the federal energy bill calling for a Federal Trade Commission investigation of oil prices.
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