President Bush is expected to trumpet his "long-term
" energy "solutions" at a press conference tonight. He is talking about nuclear power, and he's talking about drilling, and he's talking about every other cockamamie idea except the one that could make a difference to middle class people - cracking down on oil companies who are literally price gouging the American people:
USA Today reports "Exxon Mobil said Thursday that first-quarter earnings soared 44% from last year, due mainly to strong crude and natural gas prices...The company's net income surged to $7.86 billion."
Reuters reports "Royal Dutch/Shell comfortably beat analysts' forecasts to report a 28 percent rise in first-quarter profits, helped by surging oil prices and strong refining margins...The company's earnings rose to $5.548 billion."
The Houston Chronicle reports "ConocoPhillips, the nation's third-largest oil and gas company, said today that first-quarter earnings soared year-over-year on high oil prices, though they were partially offset by unplanned downtime in the company's exploration and production unit. The company's net income jumped to $2.91 billion."
Call it profiteering, call it price gouging, it's all the same thing. And what's doubly sad, is that the GOP's energy bill includes huge tax breaks
for these very same energy companies reaping record profits.