Wednesday, November 09, 2005

How about: "Oil Executives On Fire"?

Oil executives under fire - Nov. 9, 2005

Fireworks started early at a Senate hearing into high oil prices and record industry profits Wednesday as Democrats and Republicans sparred over whether energy executives should have to swear to tell the truth before the panels.


Record industry profits!? Wow. And here I thought the poor, helpless oil industry was overwhelmed by Katrina (etc). Boy, was I wrong.

There have also been calls for a windfall profit tax by some members of Congress, with proposals to have the money distributed to lower-income consumers to help them with energy costs.

But Sen. Pete Domenici, R-Ariz., chairman of the Senate Energy Committee, said in his opening comments that he would oppose such a tax.


Now, why would Sen. Pete Domenici, R-Ariz., say such a thing? Would he suggest that the tax money be invested elsewhere, or is he flat out against the tax (which is what it looks like here)?

I think the oil industry is trying to hoarde as much money as it can because it knows we're just about to the end of the oil supply on Earth. Fewer and fewer new oil fields are being found each year. This is a good indicator that the oil age is almost over.

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