This looks promising...as long as they don't back down...again.
It is baffling to me how these men sleep at night. There are some great points from Senators Patrick Leahy, Feinstien, Durbin and even Arlen Specter.
More below.
The fine gentlemen who work so hard to make sure we can pay $4/gallon for gas were in front of the Senate today rationalizing and defending their huge profits and excessive salaries, well, at least those who will admit what their salaries are, that is.
When asked about the huge profits:
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.
I know they have had these gentlemen before them on past occassions, and I don't think much came of it, so not clear what is expected from the current round. I hope it's not just political posturing, as I am sure several of those on the committee are up for re-election.
Perhaps we need to send some messages of support to the committee members to keep the pressure on these companies to get to the bottom of the oil prices.
I have heard many different points of view regarding the subsidies we pay these companies, and the impact if they are reduced/eliminated, but there has to be something that can be done to get a handle on the rising prices.
Maybe now is the right combination of an electric political atmosphere, consumer anger and frustration at gas prices, and being on the cusp of a dramatic departure from the same old, same old we have been stuck with for many years, that maybe, something will happen, this time.