SEARCH BLOG: ECONOMICS and OIL
My wife loves to listen to Bill O'Reilly on Fox. But even she gave out a long whhhhhaaaat? when Mr. O started to talk about how the government needed to limit oil company earnings and how oil companies were taking advantage of the marketplace. They are monopolies! he protested. Just like pharmaceutical companies... they get to print money. [whoa, what just happened to Pfizer here in Michigan?]
So, Mr. O, where were you when the price of oil was $20 a barrel and oil exploration wasn't even worth the effort as an investment? Did you demand that government do something? Our energy future was being threatened and you said nothing.
Now states and the federal government make more per gallon of gasoline than any of the oil companies. Shouldn't you be demanding some kind of limits on government "windfall profits?" Mr. O, you are sounding a lot like another Mr. O who is running for president.
He seems to think that Exxon sets the world price for oil, too. He seems to think that the Saudi princes and Hugo Chavez work for Exxon, too. He seems to think that Nancy Pelosi and Barbara Boxer and Harry Reid are forced by Exxon to vote against increasing the supply of oil, too.The new socialist, Mr. O, wrote this in May:
- All American made vehicles must get 30MPG by 2010 or pay a major tax surcharge to the government [Sure, make 'em elsewhere... maybe China?... and put U.S. workers out of a job... eh, do people have to be forced to buy more fuel-efficient vehicles when they make their purchase decisions? Are you planning to buy a Bentley, Mr. O?].
- Oil and commodity speculators must put up 50% of their transactions in cash. That would weed out some of the gamblers who are manipulating the market. [They have to pay whether the price goes up or down, Mr. O]
- American oil companies must supply the federal government with a written explanation every time they raise the price of gas and oil. [But since the price is market-driven rather than by oil companies placing a price tag on each barrel, nothing will ever get written]
- Americans would be asked to cut back at least 10% on leisure driving and not to buy gas at all on Mondays. [Everyone should line up for gas on Tuesday morning instead... and who hasn't cut back driving, anyway?]
Happy Birthday, dear.