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The Real Gas Gougers
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Al953
2005-09-04 10:07:42 EST
Published on Friday, September 2, 2005 by The Nation
The Real Gas Gougers
by John Nichols

How convenient for the oil industry that Hurricane Katrina hit just
before the traditional Labor Day-weekend hike in gas prices. Now, instead of
having to fake up some absolutely absurd excuse for jacking up gas prices,
the industry can try and dupe Americans into thinking that they are suddenly
paying $3.25 a gallon because of a storm.
The oil industry's response to Katrina has provided a reminder of why
it is so exceptionally profitable.

Even before a start had been made on assessing the damage caused by
the tropical storm, energy corporations were cashing in. And every
indication is that they plan to continue doing so--perhaps taking prices
over the $4-a-gallon mark, according to James DiGeorgia, editor and
publisher of the Gold & Energy Advisor and author of The Global War for Oil.

No one debates the fact that the hurricane has done significant damage
to oil rigs, refineries and delivery systems along the Gulf Coast, a region
that accounts for roughly 10 percent of US refining capacity. But roughly 90
percent of US refining capacity remains fully functional and, it should not
be forgotten, the US has not stopped importing oil.

Additionally, the Bush Administration jumped to the aid of the oil
companies long before the relief effort was in full swing.

The Environmental Protection Agency suspended summertime antipollution
measures, lifting the requirement that refiners lower fuel volatility and
cut sulphur levels. At the same time, the Administration moved to release
oil from the nation's Strategic Petroleum Reserve, which was created more
than three decades ago with the precise purpose of boosting fuel supplies in
order to keep a lid on rising wholesale gasoline prices in a circumstance
such as the one that has now developed.

Despite all the aid they are getting, however, the oil companies are
not giving anything back. There is no evidence of a willingness on the part
of these highly profitable corporations to sacrifice in a time of national
emergency.

Make no mistake: These corporations should be able to absorb a hit.
Over the past year and a half, the four largest oil companies--ExxonMobil,
ChevronTexaco, Royal Dutch/Shell Group and BP Group PLC--have pocketed close
to $100 billion in profits. During the first quarter of 2005 alone, those
firms pulled in a cool $23 billion.

But instead of sharing the pain, they appear to be moving to squeeze
every cent they can out of the crisis.

With oil-industry friends in charge of the White House and the
Congress, don't expect much of a response from the federal level.

But this is one case where states have an ability to intervene.

Three years ago, in a move to protect against gouging, Hawaiian
officials enacted legislation that allows state officials to set price caps
on gasoline.

Now, as gas prices are skyrocketing in the aftermath of Katrina, a
California legislator wants to give a state agency broad authority to
regulate the cost of fuel.

State Senator Joe Dunn, a Democrat, has introduced a constitutional
amendment that would allow the state Public Utilities Commission to require
mandatory fuel reserves, set profit margins for oil and gas companies and
order the construction of new pipelines. The measure would also bar
agreements between energy corporations to reduce competition.

Dunn's amendment would allow the California Public Utilities
Commission to cap prices, although the senator told reporters that step
would only be taken as a last resort.

Dunn brings a refreshing bluntness to the discourse. Speaking to the
Associated Press, he accused the oil industry of creating a dysfunctional
market in California, in which competition is essentially eliminated. That,
he explained, is why states need to step up their use of regulatory powers.

"Two years ago, when gasoline cost $2 a gallon, the industry said to
give it time and prices would settle down. Now, we're seeing $3 a gallon,"
Dunn said. "People in California are no longer believing the excuses of the
industry. If they can't fix their market behavior, we'll fix it for them."

It is certainly true that consumers should take steps to reduce their
use of petroleum products--not just because of a storm in the Gulf of Mexico
but because of the human, economic and environmental tolls this country's
reliance on imported petroleum products has imposed. But petroleum companies
should sacrifice as well. And if they are not willing to do so, states
should remind them of their patriotic duty.

\ufffd 2005 The Nation




BUSH'S NIGHTMARE
2005-09-04 10:13:03 EST

"al953" <al953@xyz.com> wrote in message
news:JcDSe.7818$ct5.5647@fed1read04...
> Published on Friday, September 2, 2005 by The Nation
> The Real Gas Gougers
> by John Nichols
>
> How convenient for the oil industry that Hurricane Katrina hit just
> before the traditional Labor Day-weekend hike in gas prices. Now, instead
> of having to fake up some absolutely absurd excuse for jacking up gas
> prices, the industry can try and dupe Americans into thinking that they
> are suddenly paying $3.25 a gallon because of a storm.
> The oil industry's response to Katrina has provided a reminder of why
> it is so exceptionally profitable.
>
> Even before a start had been made on assessing the damage caused by
> the tropical storm, energy corporations were cashing in. And every
> indication is that they plan to continue doing so--perhaps taking prices
> over the $4-a-gallon mark, according to James DiGeorgia, editor and
> publisher of the Gold & Energy Advisor and author of The Global War for
> Oil.
>
> No one debates the fact that the hurricane has done significant
> damage to oil rigs, refineries and delivery systems along the Gulf Coast,
> a region that accounts for roughly 10 percent of US refining capacity. But
> roughly 90 percent of US refining capacity remains fully functional and,
> it should not be forgotten, the US has not stopped importing oil.
>
> Additionally, the Bush Administration jumped to the aid of the oil
> companies long before the relief effort was in full swing.
>
> The Environmental Protection Agency suspended summertime
> antipollution measures, lifting the requirement that refiners lower fuel
> volatility and cut sulphur levels. At the same time, the Administration
> moved to release oil from the nation's Strategic Petroleum Reserve, which
> was created more than three decades ago with the precise purpose of
> boosting fuel supplies in order to keep a lid on rising wholesale gasoline
> prices in a circumstance such as the one that has now developed.
>
> Despite all the aid they are getting, however, the oil companies are
> not giving anything back. There is no evidence of a willingness on the
> part of these highly profitable corporations to sacrifice in a time of
> national emergency.
>
> Make no mistake: These corporations should be able to absorb a hit.
> Over the past year and a half, the four largest oil companies--ExxonMobil,
> ChevronTexaco, Royal Dutch/Shell Group and BP Group PLC--have pocketed
> close to $100 billion in profits. During the first quarter of 2005 alone,
> those firms pulled in a cool $23 billion.
>
> But instead of sharing the pain, they appear to be moving to squeeze
> every cent they can out of the crisis.
>
> With oil-industry friends in charge of the White House and the
> Congress, don't expect much of a response from the federal level.
>
> But this is one case where states have an ability to intervene.
>
> Three years ago, in a move to protect against gouging, Hawaiian
> officials enacted legislation that allows state officials to set price
> caps on gasoline.
>
> Now, as gas prices are skyrocketing in the aftermath of Katrina, a
> California legislator wants to give a state agency broad authority to
> regulate the cost of fuel.
>
> State Senator Joe Dunn, a Democrat, has introduced a constitutional
> amendment that would allow the state Public Utilities Commission to
> require mandatory fuel reserves, set profit margins for oil and gas
> companies and order the construction of new pipelines. The measure would
> also bar agreements between energy corporations to reduce competition.
>
> Dunn's amendment would allow the California Public Utilities
> Commission to cap prices, although the senator told reporters that step
> would only be taken as a last resort.
>
> Dunn brings a refreshing bluntness to the discourse. Speaking to the
> Associated Press, he accused the oil industry of creating a dysfunctional
> market in California, in which competition is essentially eliminated.
> That, he explained, is why states need to step up their use of regulatory
> powers.
>
> "Two years ago, when gasoline cost $2 a gallon, the industry said to
> give it time and prices would settle down. Now, we're seeing $3 a gallon,"
> Dunn said. "People in California are no longer believing the excuses of
> the industry. If they can't fix their market behavior, we'll fix it for
> them."
>
> It is certainly true that consumers should take steps to reduce their
> use of petroleum products--not just because of a storm in the Gulf of
> Mexico but because of the human, economic and environmental tolls this
> country's reliance on imported petroleum products has imposed. But
> petroleum companies should sacrifice as well. And if they are not willing
> to do so, states should remind them of their patriotic duty.
>
> © 2005 The Nation

This is unbearable and unasseptible. Bush must go.


Stan De SD
2005-09-04 15:33:56 EST

"al953" <al953@xyz.com> wrote in message
news:JcDSe.7818$ct5.5647@fed1read04...
> Published on Friday, September 2, 2005 by The Nation
> The Real Gas Gougers
> by John Nichols
>
> How convenient for the oil industry that Hurricane Katrina hit just
> before the traditional Labor Day-weekend hike in gas prices. Now, instead
of
> having to fake up some absolutely absurd excuse for jacking up gas prices,
> the industry can try and dupe Americans into thinking that they are
suddenly
> paying $3.25 a gallon because of a storm.

No, they are paying that much because in addition to China and India
consuming more oil for their own growing economies, the Lefty Liberal idiots
of this country (not known for their grasp of basic economics) still fight
attempts to extract and refine the large reserves we have under our own
soil, for example in ANWR, as well as their long-standing to FEASIBLE
alternatives such as nuclear power that cound take the demand of fossil
fuels for stationary power generation. The current gas price debacle was
bound to happen - not from Bush's 4.7 years in office, but three decades of
left-wing hysteria and emotionalism dictating our national energy
policies...



BUSH'S NIGHTMARE
2005-09-04 23:15:09 EST

"Stan de SD" <standesd@earthlink.net> wrote in message
news:E_HSe.6090$Wd7.4212@newsread1.news.pas.earthlink.net...
>
> "al953" <al953@xyz.com> wrote in message
> news:JcDSe.7818$ct5.5647@fed1read04...
>> Published on Friday, September 2, 2005 by The Nation
>> The Real Gas Gougers
>> by John Nichols
>>
>> How convenient for the oil industry that Hurricane Katrina hit just
>> before the traditional Labor Day-weekend hike in gas prices. Now, instead
> of
>> having to fake up some absolutely absurd excuse for jacking up gas
>> prices,
>> the industry can try and dupe Americans into thinking that they are
> suddenly
>> paying $3.25 a gallon because of a storm.
>
> No, they are paying that much because in addition to China and India
> consuming more oil for their own growing economies, the Lefty Liberal
> idiots
> of this country (not known for their grasp of basic economics) still fight
> attempts to extract and refine the large reserves we have under our own
> soil, for example in ANWR, as well as their long-standing to FEASIBLE
> alternatives such as nuclear power that cound take the demand of fossil
> fuels for stationary power generation. The current gas price debacle was
> bound to happen - not from Bush's 4.7 years in office, but three decades
> of
> left-wing hysteria and emotionalism dictating our national energy
> policies...

Another Bush appologist goes down with King Georgie To the Jackass Ranch and
drinks putrid water of the Mississippi.
Of course, how could us "Lefty Liberals" had known Pope Georgie has
everything on Earth under control?
Hell, he's on vacation as we communicate.
Bush voters blame everyone on Earth but Bush for Bush's daily catastrophies.
Psychotic!


Stan De SD
2005-09-05 02:36:20 EST

"BUSH'S NIGHTMARE" <nightmare@it.net> wrote in message
news:1LOSe.382$JN5.1@newssvr13.news.prodigy.com...
>
> "Stan de SD" <standesd@earthlink.net> wrote in message
> news:E_HSe.6090$Wd7.4212@newsread1.news.pas.earthlink.net...
> >
> > "al953" <al953@xyz.com> wrote in message
> > news:JcDSe.7818$ct5.5647@fed1read04...
> >> Published on Friday, September 2, 2005 by The Nation
> >> The Real Gas Gougers
> >> by John Nichols
> >>
> >> How convenient for the oil industry that Hurricane Katrina hit
just
> >> before the traditional Labor Day-weekend hike in gas prices. Now,
instead
> > of
> >> having to fake up some absolutely absurd excuse for jacking up gas
> >> prices,
> >> the industry can try and dupe Americans into thinking that they are
> > suddenly
> >> paying $3.25 a gallon because of a storm.
> >
> > No, they are paying that much because in addition to China and India
> > consuming more oil for their own growing economies, the Lefty Liberal
> > idiots
> > of this country (not known for their grasp of basic economics) still
fight
> > attempts to extract and refine the large reserves we have under our own
> > soil, for example in ANWR, as well as their long-standing to FEASIBLE
> > alternatives such as nuclear power that cound take the demand of fossil
> > fuels for stationary power generation. The current gas price debacle was
> > bound to happen - not from Bush's 4.7 years in office, but three decades
> > of
> > left-wing hysteria and emotionalism dictating our national energy
> > policies...
>
> Another Bush appologist goes down with King Georgie To the Jackass Ranch
and
> drinks putrid water of the Mississippi.

Nice rhetorical bluster - funny how you can't refute a single point I
made...



Miguel O'Pastel
2005-09-05 12:28:26 EST

"Stan de SD" <standesd@earthlink.net> wrote in message
news:EHRSe.5492$4P5.4690@newsread2.news.pas.earthlink.net...
:
: "BUSH'S NIGHTMARE" <nightmare@it.net> wrote in message
: news:1LOSe.382$JN5.1@newssvr13.news.prodigy.com...
: >
: > "Stan de SD" <standesd@earthlink.net> wrote in message
: > news:E_HSe.6090$Wd7.4212@newsread1.news.pas.earthlink.net...
: > >
: > > "al953" <al953@xyz.com> wrote in message
: > > news:JcDSe.7818$ct5.5647@fed1read04...
: > >> Published on Friday, September 2, 2005 by The Nation
: > >> The Real Gas Gougers
: > >> by John Nichols
: > >>
: > >> How convenient for the oil industry that Hurricane Katrina hit
: just
: > >> before the traditional Labor Day-weekend hike in gas prices. Now,
: instead
: > > of
: > >> having to fake up some absolutely absurd excuse for jacking up gas
: > >> prices,
: > >> the industry can try and dupe Americans into thinking that they are
: > > suddenly
: > >> paying $3.25 a gallon because of a storm.
: > >
: > > No, they are paying that much because in addition to China and India
: > > consuming more oil for their own growing economies, the Lefty Liberal
: > > idiots
: > > of this country (not known for their grasp of basic economics) still
: fight
: > > attempts to extract and refine the large reserves we have under our
own
: > > soil, for example in ANWR, as well as their long-standing to FEASIBLE
: > > alternatives such as nuclear power that cound take the demand of
fossil
: > > fuels for stationary power generation. The current gas price debacle
was
: > > bound to happen - not from Bush's 4.7 years in office, but three
decades
: > > of
: > > left-wing hysteria and emotionalism dictating our national energy
: > > policies...
: >
: > Another Bush appologist goes down with King Georgie To the Jackass Ranch
: and
: > drinks putrid water of the Mississippi.
:
: Nice rhetorical bluster - funny how you can't refute a single point I
: made...
:
:
Capitalism is killing us all, while lunatics debate.
M


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