It's about time Big Oil defended itself

[DesertFox]

As any recent television viewer can attest, the American Petroleum Institute - the main lobbying group for the oil industry - has launched a huge ad campaign designed to tell Big Oil's side of the $4-a-gallon gasoline story.

Aimed at one audience - voters - the multimedia, multimillion-dollar propaganda blitz is a necessary antidote to the misinformation and false charges we constantly hear about Big Oil from Big Media and our duly elected demagogues.

We've all heard about the alleged sins of Big Oil, the handy media-made pejorative for the world's largest oil and gasoline manufacturers: It controls/manipulates the world energy market. Its six "supermajors" - multinationals like ExxonMobil, Royal Dutch Shell, BP, Chevron - are exceptionally evil and rapacious corporations that are responsible for skyrocketing oil and gasoline prices.

They are uniquely and grossly profitable. They deserve to have their "excess" profits taxed and their robber-baron bosses scolded - if not publicly waterboarded - by Congress.

A few weeks ago, when the Senate Judiciary Committee grilled five U.S. oil executives, some senators treated them like captured war criminals. Demagogues like Dick Durbin scolded them for their high salaries, threatened them with windfall profit taxes and suggested brainless, environmentally correct ways for them to reinvest their companies' oil revenues.

The Big Oilmen defended themselves ably, mainly because they actually knew what they were talking about.

More (http://www.redbluffdailynews.com/opinion/ci_9658312)

[DesertFox]

Good article here, fokes.

[ThomasMore]

I read the transcripts. The oilmen were great, especially Shell's outgoing CEO John Hofmeister. The press was silent.

I was so hungry for video of the testimony that I finally called Shell's media relations office to see if it had video. To their credit, they got back to me right away. The bad news is their final answer was this: "check with the media or with Congress -- we don't have it."

Some press office.

Here is a short video of Hofmeister in action, and Crazy Maxine's response:

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[Riverboat]

Crazy Maxine. Kinda redundant, isn't it?

Oooh, she stepped into a big pile of it when she caught herself saying the word socializing. And she didn't have a party mixer in mind.

[Kathy30]

Unfortunately demonrats are running with this ball and are taking steps to nationalize the oil industry as well as the health care industry. Other's to follow. Which is why democrats have to be sent packing no matter what office they hold.

[DeclinetoState]

What would happen if the government did nationalize Big Oil? Would we see lower gas prices? Would we see shortages, and long lines of people waiting to fill up? Rationing?

[Neil Peart]

What would happen if the government did nationalize Big Oil? Would we see lower gas prices? Would we see shortages, and long lines of people waiting to fill up? Rationing?Yes to all three.

Great article, Fox.

[Jove]

In 2007, $1.00 from 1950 is worth: (http://www.measuringworth.com/calculators/uscompare/result.php)

$8.61 using the Consumer Price Index (http://www.measuringworth.com/calculators/uscompare/result.php#)
$7.26 using the GDP deflator (http://www.measuringworth.com/calculators/uscompare/result.php#)
$13.48 using the value of consumer bundle * (http://www.measuringworth.com/calculators/uscompare/result.php#)
$13.81 using the unskilled wage * (http://www.measuringworth.com/calculators/uscompare/result.php#)
$23.60 using the nominal GDP per capita (http://www.measuringworth.com/calculators/uscompare/result.php#)
$47.00 using the relative share of GDP (http://www.measuringworth.com/calculators/uscompare/result.php#)

in 1950 the price of gas was approximately 30 cents per gallon. Adjusted for inflation, a gallon of gas today should cost right at $2.64, assuming taxes are the same.

But taxes have not stayed the same. The tax per gallon of gas in 1950 was roughly 1.5% of the price. Today, federal, state, and local taxes account for approximately 20% of gas's posted price. Taking inflation and the increase in taxes into account (assuming no change in supply or demand) the same gallon of gas that cost 30 cents in 1950 should today cost about $3.13.

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[CONSERVATIVE HERO]

It's about time Big Oil defended itself
...and the blame was put where it belongs, on BIG Government.
The BIGGEST bad BIG of all.

Here is a short video of Hofmeister in action, and Crazy Maxine's response:
I prefer Marxist Maxine. I feel it's more accurate too.

[Beowulf]

Unfortunately demonrats are running with this ball and are taking steps to nationalize the oil industry as well as the health care industry. Other's to follow. Which is why democrats have to be sent packing no matter what office they hold.

Yup! The government has screwed up anything it has ever gotten it's hands into. Now, they want to screw up the oil industry too.

[DoctorDoom]

I prefer Marxist Maxine. I feel it's more accurate too.Shorter is better: Marxine.

[Timberwolf]

Everyone complains about the profits they're making. To these guys, a BILLION dollars (compared to their gross revenues) is like a quarter (when compared to a hundred dollars).

It's all about putting things in their proper context.

[Beowulf]

Funny, I think the salary that elected officials is more obscene being that they're being paid for a job that they don't do with a rather generous life-time retirement package.