I hate blabby grab-headlines talking heads. And that is what the honorable Sen. Spector proves himself with his so-called sticker “shock”.
The fact is that Dewine has it right on this one, even though he doesn’t get headlining attribution. From my research, some big oil companies are turning some of their profits into alternative energy, BP for instance. It’s time to encourage business to do what is good for business and for all of us, and stop with ideas of penalizing “big oil” because some of us just want to stomp or collective feet.
Stop following the bigmouths and do some background. Think a little and make up one’s mind to do something of real value on the matter. That’s what I say.
Specter: Congress to act on rising fuel prices
Pennsylvania Republican, head of Judiciary panel, says he’s shocked by the size of oil company profits.
February 1, 2006: 11:21 AM EST
WASHINGTON (Reuters) – The chairman of the Senate Judiciary Committee said Wednesday that Congress would attempt to address growing concerns about rising fuel prices and soaring oil industry profits.
“We intend to do something about” rising prices to consumers, Chairman Arlen Specter said at a hearing into whether oil industry mergers in recent years have made gasoline more expensive at the pump.
Specter said he was shocked by the size of oil company profits, adding, “It just may be time to legislate in this field.”
The Pennsylvania Republican did not say what kind of action he had in mind to curb fuel prices, but some industry critics have called for an excess profits tax.
Exxon Mobil Corp. (Research) said Monday it earned $10.7 billion in the fourth quarter of last year and $36.1 billion for all of 2005 — bigger than the economies of 125 countries.
Sen. Mike DeWine, chairman of the committee’s antitrust subcommittee, said the biggest reason for the spike in fuel prices to consumers was rising crude oil prices.
DeWine, a Republican from Ohio, called for conservation measures and use of alternative fuels. “Try as we might, we simply can’t drill our way out of this crisis,” he told the hearing.