BigBlue

My roommate was telling me that the government is getting ready to slam the oil companies. Said they are going to force to make the price of gas at least $1.50 for a year at least. Maybe alternate. Don't know how truth there is to it but thought it was interesting.

Shovelhead

The local news is reporting that some Big Oil execs are to appear before Congress about the jump in prices and "windfall" profits.

http://www.msnbc.msn.com/id/9970294/

DaNuGuy

good, I hope something gets resolved. It's one thing to pay high fuel prices because that's what it costs to make it. It's another to pay hign prices just becasue they can charge it.

infidel

My understanding is that only thing Congress is going to ask of the oil companies is that they help fund cheaper heating oil prices for people who have to make the choice between starving or freezing to death.

drew03

i understand thet they are going to suggest that they invest there billions that they made from the price gouging into infastructure.

Shovelhead

And I guess now that the price of crude is down about $10 and gasoline is down about a buck-and-a-half......all those Oil Company CEOs will have to go on welfare and food stamps......right?

Bosshawg600

I guess all the CEO will have to sell their platnum toilets and gold Golf courses. I think if the price of gas goes down the economy will go up. Lower gas prices more people on the road to spend money.

P.J

Nah, just billions in tax incentives and subsidies for the entire indusrty.

P.J

I agree 100% Boss, most people tend to think that fuel price are going to have a negative impact on holiday shopping as they did on my summer vacation.

HOHN

No, they'll just go out of business like so many did during the 80s.

Funny, I don't remember hearing people bemoan the poor oil companies in the 80s when crude was $7/bbl and one company after another was going under.

You have to take the good with the bad. Unfortunately, we mayhave already had the good.

Fronty Owner

yes, and everyone that profited from their Halliburton stocks should have to give up their money too...

Badfish740

Actually the purpose of the hearing is to make it look like Congress is doing something about a problem that no one can really do anything about. So when Senator Joe Blow from Wisconsin who ran the hearing (which essentially means nothing, the last hearings were about steroid use in baseball for God's sake) is up for reelection you'll hear this in his campaign commercial: *que ominous music* "Joe Blow isn't afraid to stand up to the special interests like big oil-in 2005 when oil companies were posting billions in profits and gas prices skyrocketed, he demanded accountability *que triumphant uplifting music* So this November, vote Joe Blow.

infidel

Badfish has it exactly right.
Think it's called grandstanding.

walt_mink

There's nothing they can do - it's just plain and simple economics. If the government really wants to make a change in the price of refined fuels they need to make it easier (read: not impossible) to build new refineries. The bottle neck is not in the amount of crude available, but in our ability to process it.

Badfish740

I think that worldwide demand for crude has a little to do with it as well though. I don't have exact numbers, but in my global relations class we've been talking about how China is literally in the midst of an industrial revolution. Practically EVERYTHING over there runs on diesel and varying grades of fuel oils from cars and trucks to construction equipment to ships and heating apparatus. And of course there are absolutely 100% no environmental restrictions on anything so they burn as much as they want, whenever they want, so you can bet that if they need a refinery, it gets built.

Just a thought