Skip to comments.ROSEN: Slimy Senate showoffs
Posted on 05/31/2008 7:08:51 AM PDT by A.A. Cunningham
ROSEN: Slimy Senate showoffs
By Mike Rosen, Rocky Mountain News
Friday, May 30, 2008
Last week, five executives from the nation's biggest oil companies were paraded before the Senate Judiciary Committee and harangued by hypocritical political exhibitionists whose shameless theatrics were exceeded only by their manifest ignorance of basic economics.
It was a "show trial" that would have made Joseph Stalin blush. Shell Oil President John Hofmeister gave an eloquent explanation of the global oil situation and the problems caused by irrational domestic restrictions. But his demeanor was diplomatic to a fault, pleading with the Senate inquisition to reconsider its threat of a windfall profits tax.
I was hoping for a more aggressive defense, with an oil company exec rising from his seat, wagging his finger - Bill Clinton-style - in the faces of these grandstanding demagogues and giving them hell in return, something like, "Are you insane? Don't you remember what happened the last time you clowns screwed with the industry during the Carter presidency? You want someone to blame? Look in the mirror. You're the ones who won't let us drill for oil and gas in ANWR and offshore; you're the ones blocking new refineries and nuclear plants. And the best you can do is sue OPEC for antitrust collusion? Be serious. You might as well sue Osama bin Laden for property damage."
The dollar amount of oil company profits is big because all the numbers are big in this industry. The percentage return on those revenues is in line with other industries. When the world crude price is high, oil company profits climb just as they plunge when world oil prices slump. Even at record levels, the oil industry pays far more in taxes to government than it reaps in profits.
(Excerpt) Read more at rockymountainnews.com ...
Fabulous! How I wished that one of those execs would have gotten up and said just that!
The markets haven't failed, its Congress that has failed.
Excellent read--thanks for posting.
I guess Lincoln was speaking of Congress when he said it is better to be thought a fool than to open your mouth and remove all doubt.
I would love to be able to turn the tables. It would be sweet to see the judicial committee paraded and grilled in front of a citizen panel all the while being nationally televised.
Along those lines, I would love to hear an executive from “Big Oil” respond to the predictable question about the level of his salary & benefits by saying “Well Senator, I’ll be honest, it IS very high. But it’s the only way they could get anybody to come up here and answer dumba** questions from morons like you.......sir.”
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