Whitesburg KY
Mostly clear
Mostly clear

Shameless big oil execs are fearful of no one

The threat of being hauled before a congressional hearing to be dressed down by angry members of Congress usually gives people the willies. Not the shameless executives of Big Oil. …

The lawmakers demanded to know how, with gasoline prices soaring and Americans straining under the financial burden, the oil companies can report total profits of $123 billion and still get enormous government subsidies.

Of course the answer is simple: Because they can. And no, they don’t feel bad about it.

They said that the price of crude oil, much of it imported, dictated the price of gasoline, and that’s a function of limited supply and skyrocketing worldwide demand. If Americans want cheaper oil, they should allow a lot more drilling along coasts and in other areas where it’s now prohibited.

The legislators made a big show of their displeasure for the cameras, threatening to curtail or even end tax breaks for Big Oil.

But it was all for show. In the end Congress did nothing, and the oil executives left in their waiting limos to go have a nice dinner at an expensive restaurant and have a good laugh about Congress’ feeble revolt. …

There are ways to reduce the economic burden soaring oil costs mean, of course. They involve reducing our dependence by raising the fuel efficiency of vehicles driven in the U.S. and developing reliable and renewable alternative energy sources. But those would mean Congress would have to take the initiative. It’s not going to happen by Congress huffing and puffing and scolding Big Oil for not playing nice.

– Staten Island (N.Y.) Advance

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