Cars > Thunder3’s Garage > Blog > When is Enough, Enough!!
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Thunder3’s Blog Posts 1 – 5 of 24
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- How Brave are you??
- Thu Jul 31, 2008 | 12 comments
When is Enough, Enough!!
May 20, 2008 | Views: 78
Today's question of the Day is Diesel or Hybrid? A good ideal, but with Diesel at $4.65 a gallon in my state (WV) and a Hybrid price tag is bit high, What about those who can't afford it, with the steady rate of increase for current gas prices (Reg Unleaded went to $4.05 today in my state) when is"Enough , Enough" How much more are we gonna take until someone or something breaks, and goes on a rampage of sorts.. Did anyone today watch or see the Senate hearings with the Big Oil Execs.. It made me sick to hear their replies.. With Oil now at $130 a barrel or is that $132, it's starting to get hard now to keep up, will there ever be a ceiling on pricing or will it end up being as high as it is in Germany..
"Record prices on the international oil markets have driven gas prices across Europe sky high, with a gallon of unleaded gas costing about $8.60 per gallon in Germany. (In Germany, gas is sold by the liter with one liter of unleaded fuel selling for an average of $2.29)
Here is just few excerpts from Today's hearing courtesy of MSNBC
"Oil execs defend huge profits before Senate
‘Laws of supply and demand are at work,’ Shell chairman explains
WASHINGTON - Top executives of the five largest oil companies tried to shift anger over high prices to a debate over supplies Wednesday, leading a senator to accuse them of acting like “hapless victims” while racking up record profits.
Patrick Leahy, D-Vt., told the executives there’s “a disconnect” between normal supply and demand and the skyrocketing price of oil — surpassing $130 a barrel even as the oil leaders testified — that the industry has yet to explain.
J. Stephen Simon, executive vice president of Exxon Mobil Corp., said profits have been huge “in absolute terms” but must be viewed in the context of the massive scale of the industry.” He also said high earnings are needed “in the current up cycle” to pay for investments in the long term when profits will be down.
“’Current up cycle,’ that’s a nice term,” replied Leahy with sarcasm, “when people can’t afford to go to work” because gasoline is costing close to $4 a gallon.
He asked Simon what his total compensation was at Exxon, a company that made $40 billion last year. Simon replied it was $12.5 million annually.
Two other executives, John Lowe, executive vice president of ConocoPhillips Co., said he didn’t recall his total compensations as did Peter Robertson, vice chairman of Chevron Corp. John Hofmeister, president of Shell Oil Co., said his was “about $2.2 million” but was not among the top five salaries at his company’s international parent. Robert Malone, chairman of BP America Inc., put his compensation at “in excess of $2 million.”
Sen. Arlen Specter, R-Pa., said Exxon’s annual profits increased from $11.5 billion to $40.6 billion in the past five years and there was no explanation for “why profits have gone up so high when the consumer is suffering so much.”
The five companies earned $36 billion in the first quarter of this year.
The executives, appearing under oath before the Senate Judiciary Committee, said they know high prices are hurting people, but they said the cause is not company profits but global supply and demand. And they sought to use their appearance before Congress to argue against new taxes on their industry
“I urge you to resist these punitive policies,” said Hofmeister.
Senate Democrats recently announced an energy package that would tax “windfall” profits of the five companies. That might have public appeal, Lowe told the senators, but oil companies should not be viewed as “a scapegoat” for high prices.
That was not what many senators wanted to hear.
You have “just a litany of complaints that you’re all just hapless victims of a system,” Sen. Dianne Feinstein, D-Calif., told the executives. “Yet you rack up record profits ... quarter after quarter after quarter.”
“I’m sorry to sound like a victim. I don’t feel like a victim at all,” replied Robertson of Chevron, saying that he was proud of his company’s investments in future supply.
Sen. Richard Durbin, D-Ill, accused the corporate executives of ignoring the plight of people suffering because of high energy prices. “Where is your corporate conscience?” he asked them.
“The issue is simple,” said Leahy. “People we represent are hurting, the companies you represent are profiting.”
"Record prices on the international oil markets have driven gas prices across Europe sky high, with a gallon of unleaded gas costing about $8.60 per gallon in Germany. (In Germany, gas is sold by the liter with one liter of unleaded fuel selling for an average of $2.29)
Here is just few excerpts from Today's hearing courtesy of MSNBC
"Oil execs defend huge profits before Senate
‘Laws of supply and demand are at work,’ Shell chairman explains
WASHINGTON - Top executives of the five largest oil companies tried to shift anger over high prices to a debate over supplies Wednesday, leading a senator to accuse them of acting like “hapless victims” while racking up record profits.
Patrick Leahy, D-Vt., told the executives there’s “a disconnect” between normal supply and demand and the skyrocketing price of oil — surpassing $130 a barrel even as the oil leaders testified — that the industry has yet to explain.
J. Stephen Simon, executive vice president of Exxon Mobil Corp., said profits have been huge “in absolute terms” but must be viewed in the context of the massive scale of the industry.” He also said high earnings are needed “in the current up cycle” to pay for investments in the long term when profits will be down.
“’Current up cycle,’ that’s a nice term,” replied Leahy with sarcasm, “when people can’t afford to go to work” because gasoline is costing close to $4 a gallon.
He asked Simon what his total compensation was at Exxon, a company that made $40 billion last year. Simon replied it was $12.5 million annually.
Two other executives, John Lowe, executive vice president of ConocoPhillips Co., said he didn’t recall his total compensations as did Peter Robertson, vice chairman of Chevron Corp. John Hofmeister, president of Shell Oil Co., said his was “about $2.2 million” but was not among the top five salaries at his company’s international parent. Robert Malone, chairman of BP America Inc., put his compensation at “in excess of $2 million.”
Sen. Arlen Specter, R-Pa., said Exxon’s annual profits increased from $11.5 billion to $40.6 billion in the past five years and there was no explanation for “why profits have gone up so high when the consumer is suffering so much.”
The five companies earned $36 billion in the first quarter of this year.
The executives, appearing under oath before the Senate Judiciary Committee, said they know high prices are hurting people, but they said the cause is not company profits but global supply and demand. And they sought to use their appearance before Congress to argue against new taxes on their industry
“I urge you to resist these punitive policies,” said Hofmeister.
Senate Democrats recently announced an energy package that would tax “windfall” profits of the five companies. That might have public appeal, Lowe told the senators, but oil companies should not be viewed as “a scapegoat” for high prices.
That was not what many senators wanted to hear.
You have “just a litany of complaints that you’re all just hapless victims of a system,” Sen. Dianne Feinstein, D-Calif., told the executives. “Yet you rack up record profits ... quarter after quarter after quarter.”
“I’m sorry to sound like a victim. I don’t feel like a victim at all,” replied Robertson of Chevron, saying that he was proud of his company’s investments in future supply.
Sen. Richard Durbin, D-Ill, accused the corporate executives of ignoring the plight of people suffering because of high energy prices. “Where is your corporate conscience?” he asked them.
“The issue is simple,” said Leahy. “People we represent are hurting, the companies you represent are profiting.”
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- May 22, 2008 at 12:03 am
- You know what gets my goat about this who issue, no one is trying to do anything about it.. Time is being wasted with Inquires, Senate debates, hearings, no promises, and if there is something or someone doing anything about it, it is a very weak effort.. "So where's the Beef" The President needs to make a ceiling freeze on gas pump prices until something can be resolve.. Anyone on here Remember President Nixon back in the 70's putting a price freeze on Food?? That's what we need until a resolve can be obtain with this, Like 3fan4ever stated, they are lining their pockets with gold.. Just today I heard one of the News channels that a statement was made by one of the VP Exsecs that he wasn't sure he could live on less that $10 million a year, Oh man where does it end!!!
- May 21, 2008 at 8:20 pm
- THE PROBLEM IS'NT ONLY GAS PRICES GOING UP,ITS EVERYTHING ELSE GOING UP WITH IT.PUT IT THIS WAY(CAUSE & EFFECT)BECAUSE GAS IS SO HIGH,EVERYTHING ELSE GOES UP BECAUSE OF IT.THE MILK TRUCK HAS TO PAY MORE FOR THE GAS,SO THE MILK GOES UP.THE BREAD TRUCK PAYS MORE FOR GAS SO THE BREAD GOES UP,AND SO ON AND SO ON(CAUSE & EFFECT)BOTTOM LINE "THE OIL COMPANIES ARE GETTING RICHER" AND WE ARE LINING THIER POCKETS WITH HUGE $$$$$$ PROFITS.IT REALLY SUCKS WHEN I HAVE TO SPEND MORE FOR GAS THAN THE TRIP EXPENSES.I BELIEVE THE DAYS OF THE 2-3OR EVEN 4 DOLLAR A GALLON OF GAS ARE OVER,AND ITS GOING TO GET WORSE BEFORE IT GETS BETTER.
Cars > Thunder3’s Garage > Blog > When is Enough, Enough!!
