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Oil Execs went before congress today.

Congress called upon testimony from 5 of the world's biggest oil executives today, to see why the need to continue paying an annual $18 billion in subsidies to an industry whose NET PROFIT last year was in excess of $100 Billion dollars, with Exxon Mobil alone netting more than $40 billion of that.

Oil is now well established at over $100 per barrel, where in 2002 it was LESS THAN $20 for the same.

So, what's going to happen is the industry protected by the world's most powerful lobby is going to get together with congress, and they're going to fix this whole mess. Because they honestly have the interests of their customers and constituents as their first priority.


Do you really think they give a @#^( about you?

No, they're not going to do a thing.
What are you doing reading this anyway? What makes you think you have the right to even think about this stuff.

Bend back over and assume the position, 'cause Uncle Sam is going to get back to putting it to you really good and hard.

That is all.

Say hi to your mom for me...


What do you expect when we have a president who is in the oil business and, as you said, lobbists buying votes?

Maybe Congress should take the subsidies they give to oil companies and give it to the public so we can afford to buy gas.
Abuses by power companies is widespread and, even without a sympathetic President at hand, they seem to get their way. In Germany, often shown as the model for green legislation and environmental awareness, we are not doing much better.
In 2005, a seminal plan for emissions trading was presented before the German legislature, suggesting that power companies be forced to acquire emission certificates for each ton of carbon dioxide (CO2) produced by their power plants, allowing for the trading of these certificates on an exchange and so providing incentives for companies to build new, cleaner power plants (or upgrade older ones).
During the deliberations of a government committee assigned to evaluate this plan, extreme pressure was exercised on the members by the power companies, with a number of very interesting results:

  • The emissions trading will be written into law, but certificates will not need to be bought by the power companies, but rather every company will receive the certificates for free, based on the current CO2 output of their power plants.
  • The draft of the legislature contained passages and excerpts that can be traced back directly to documents authored by the power plants (since someone forgot to remove the footnotes indicating the origin of the text).
  • As a result of giving away certificates matching the current CO2 output, all four power companies in Germany are now building 35 new coal-burning power plants with very high CO2 output, enabling them to receive a greater no. of certificates (free).
  • Regardless of the above, prices for exectricity are rising steeply, with power companies adding the nominal costs of the emission certificates to the end-consumer's bill. Although these certificates were given free of charge, they do have a nominal value and they are being skillfully traded on the exchange to generate expenses.
  • With only four power multinationals dominating the German market, they are able to manipulate the exchange at will, setting / dictating prices and creating shortages at will in order to raise the price for every kilowatt of power.
  • Minister Werner Mueller, Secretary of Commerce from 1998 to 2002, began setting up this emissions trading scheme in his tenure. He approved the merger of RWE and VEW as well as the merger of E.ON and die Ruhrgas AG to Europe's largest power company, leaving Germany with only four large power companies who have divided up the country into regions in order not to have to compete against one another. Mr. Mueller today has a seat on the board of directors of a E.ON / RWE daughter.
  • Minister Wolfgang Clement, Secretary of Commerce from 2002 to 2005, who brokered the deal, is now on the board of directors of RWE. A number of other politicians (of all parties) are today employed by power companies or acting as "payed advisors".

Wow, if only this entry were true! I wish people, especially big business, were actually held accountable for their actions. There's just so many people that wind up getting rich off everyone else; it's disgusting.
They did the photo op for the press then closed the doors so the oil execs could payoff the committe. Everytime congress needs a kickback, they call in the oil execs.
Sad, when your representative in government only cares about themselves and not those who elected them.
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