Our Pain at the Pump

There are folks who think the best way to deal with our pain at the pump is to just lay down and take it. Change our lifestyles and stop railing at our politicians. I understand the feeling. It seems that very little comes out of Washington that benefits the American public. However, this defeatist attitude is one of the problems with our country today. If we have elected leaders then it is time for them to show some real leadership on this issue. We need to hold them accountable. And in turn they need to hold the big oil companies accountable. These companies are posting record profits.  I mean really big, obscene record profits. When big Oil CEOs were called before Congress recently to testify about  our skyrocketing gasoline prices and their skyrocketing profits.  When asked if they felt even a shred of guilt that the pain at the pump is putting American families in a pinch, they explained that they are "reinvesting" their windfall. One of these companies, ExxonMobil, had a windfall of $40 BILLION dollars in ‘07,  That’s billion with a B. and that's before this year's gaudy price increases. Here is how they chose to reinvest it:

First, they bought back their own stock.  31.8 BILLION dollars worth of it.  That keeps their stock values high.

Second, they distributed 7.6 BILLION dollars in dividends to their shareholders.

Third, they spent 100-Million dollars on an advertising campaign including full-page ads in USA Today, the Washington Post and the New York Times explaining that they aren't making that much money after all.

Fourth:  They increased compensation for their top five executives to 76-Million dollars, a 170 percent increase since 2001.

And finally, They spent 10-Million dollars on renewable energy alternatives.

As consumers, we each have to do our part, there’s no doubt about that. But it is high time that Big Oil does theirs too. You can lay down and take it if you want to, But in my opinion we should hold our leaders accountable for making this a better country, and A Better Region8.

 

A Better REGION 8: Our Pain at the Pump

Comments

[Mark Green]

The sad part is that there isnt really much that people like us can do. The oil and gas sector has one of if not the most powerful lobbying group in Washington as well as millions to stuff the pockets of politicians. The laws have been written in such a way, thanks to the lobbying, that there isnt really much Congress can do about it. Congress members dont even buy gas from their own pocket I bet, its probably paid for by us, the taxpayers. The ONLY way prices can be brought under control is by regulating the speculators on Wall Street. The specualtors are the ones making the oil companies so profitable.