We're all gonna turn into flesh-eating zombies.
Posted on 05/21/2008 7:51:41 AM PDT by tobyhill
NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators hauled company executives in to testify Wednesday to ask what's behind the recent runup.
The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which topped $130 a barrel earlier in the day. The committee is set to question executives from Exxon Mobil (XOM, Fortune 500), ConocoPhillips (COP, Fortune 500), Shell Oil Co. (RDSA), Chevron (CVX, Fortune 500) and BP (BP).
"Normal supply and demand says prices should be around $55 to $60 a barrel," said Sen. Patrick Leahy, D-Vt., chairman of the committee. "Prices should not skyrocket like this in a properly functioning, competitive market."
Before the hearing even began, a heckler in the crowd shouted: "Stop ripping off the American public - bring these oil prices down."
But a top executive from BP said the high prices are being driven by global forces.
"We cannot change the world market," said Robert Malone, chairman and president of BP America Inc. "Today's high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation."
(Excerpt) Read more at money.cnn.com ...
This ridiculous grandstanding by Congress is going to get NOTHING done except inflame the masses of sheeple into voting for Obama. Meanwhile, our way of life will continue to circle the drain while the fat cats in Washington ignore our plight.
Its really quite hypocritical of our Congress to legislate suing OPEC for not producing enough oil (to keep prices down) while Congress is restricting the supply of domestic oil. After all, aren’t the greenhouse gases from OPEC oil just as bad for the polar bears as greenhouse gases from domestic oil?
We're all gonna turn into flesh-eating zombies.
This kind of statement is fairly common now since everybody who buys gasoline for his SUV is an expert economist. "Price is up 4X but demand isn't up 4X: must be some collusion going on here." A closer look at the supply/demand chart reveals that the price line is not a straight line. We have difficulty of comprehension when the equation is not linear, and we also lack the concept of velocity; the difficulty is a result of failure of education in the Gummint schools.
Can't have that, you know, with a Polar Bear crisis and all.
Al Gore was their dupe WITH BENEFITS.
The American people have been duped by COngress AND HAVE NO SAY!!
What ever happened to "We The People"...
HOw stupid are Americans to put up with the shenanigans of these Congress folks? When will the SHEEP (enviro nazis as an example) learn that THEY created this along with Congress and take the fall for it?
I think it will be more like Mad Max.
Neither Obama or McCain are running on the idea of addressing our domestic oil exploration and production issues. If they stay true to their word (ha!), then it will be 4-5 years before we have any reasonable plan to make us energy independent.
If on the other hand this is just a short term market issue, much like the California electric power issue of a few years ago, we will do nothing to address the core supply issues. One day we will have to deal with it however, it is going to be painful.
schu
“But a top executive from BP said the high prices are being driven by global forces.”
That’s a bald faced lie. The U.S. purchases and consumes over 50% of the world’s oil. As the largest consumer we control the market and it’s time for the oil execs to stop lying about that.
Increased demand + stable supply = increased price. See Economics 101.
The fricking idiot senators should look in a mirror and they would see what the problem is.
OPEN ANWR, build 100 nuclear plants for starters.
Correct. So stop legislatively interfering with the market by restricting domestic production and allow the supply to increase.
We may control the consumption of oil, but we don’t control the supply. OPEC and a few dictators do..and you need to face those facts. The only solution is more domestic and foreign supply.
Brazil is hot right now because they got off their ass and drilled. Their stock is going up..and ours down.
Berating the oil company execs is not going to drive down the price of oil.
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