(Photo of ConocoPhillips gas station from Flickr and photographer Alec Ananian)
Washington Report 1: Three major oil companies will announce their earnings next week, possibly giving Democrats an advantage in the political fight over energy. Dems today failed 50-43 to pass a bill calling for more regulation of commodity traders, blaming high gas prices on speculators. Republicans, on the other hand, are calling for more domestic exploration, especially offshore and in shale. Dems say the oil companies should drill in the 68 million acres they already have under lease rather than offshore, and tried unsuccessfully to pass a bill to that effect. One big oil company, ConocoPhillips, announced its second-quarter earnings last week, revealing a $5.4 billion profit, up 13% from the same period last year. Rep. Rahm Emanuel (D-Chicago) criticized the oil companies for using too much of their record profits for stock buy-backs and not enough for drilling. ConocoPhillips used $2.5 billion to buy back stocks. Exxon, Chevron and BP will all announce their earnings next week. Dem leaders are expecting record profits from all, at a time when people are hurting because of the price of gas. They think that will give them an election-campaign advantage, while Republicans think they have a winning message with their call for more offshore drilling. If you want to take action in opposition to offshore drilling, go to the Sierra Club Web site and write an effective letter to the editor. (Sources: Greenwire, E&E Daily)
1 comment:
Futures traders (aka “speculators”) are NOT the problem!
Democrat obstruction on energy is!
This is a simple matter of demand exceeding supply!
If you hate watching “Big Oil” make “Big Profits”, blame the dang Democrats for creating that (supply shortage) opportunity!
We have ENORMOUS domestic energy resources, ALL of which were FULLY PROVEN on a commercial scale DECADES AGO!
Democrats, in order to appease uneducated environmental extremists, will simply NOT ALLOW US to make use of those resources! There is NO SCIENTIFIC BASIS for not doing so and well over 32,000 “Climate Denier” SCIENTISTS know it!
Get the FACTS!
STOP drinking the freaking Kool-Aid!
You are putting the entire world economy at risk! AND, your are limiting the world supply of venture capital which is the ONLY HOPE we have for moving beyond petroleum as a transportation fuel!
If you want a more educated and more rational look at an appropriately “panoptic view” of energy opportunities, visit this site.
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