s skippy the bush kangaroo

skippy the bush kangaroo

Tuesday, October 25, 2005

if they were banks we'd call it usury

oil companies announce record profits in the third quarter of this year. it doesn't surprise us, considering we are all paying record prices at the pumps. the

exxon mobil corp., chevron corp., bp plc, conocophillips co., and royal dutch shell plc are expected to report a $9 billion, or 46 percent, increase in their combined third-quarter profits, according to analysts’ estimates compiled by thomson financial. last year, these five companies earned $19.6 billion in the july-september period.

and it's making nancy pelosi mad:

house democratic leader nancy pelosi released the following statement today on the major oil companies reporting their third quarter profits this week:

"while americans struggle to pay high prices at the pump, the world's largest oil company, exxon mobil, is expected to report an $8.9 billion profit -- a 56 percent increase from the previous year. the republicans' solution is to give oil companies with record high profits more than $8 billion in additional tax breaks and subsidies, leaving american consumers holding the tab.

"we should repeal the excessive tax breaks and subsidies for republicans' big oil and gas company cronies and instead direct that money to lower the price of gas at the pump and home heating costs now. a stronger america works for everyone, not just republicans' big oil company cronies.

even the repubbbs are feeling the heat. house gopers have gone so far as to recommend that oil companies be nice:

top republicans in the house of representatives moved yesterday to show voters they are working to combat high energy prices, calling on oil companies to use their record profits to boost us refinery capacity.

the call to action marked a shift for republicans, whom democrats often accuse of being too closely tied to oil companies and other corporate interests. but it also marked an acknowledgement that public concern about rising prices has become an important political issue, forcing republicans to highlight their recent actions and put pressure on the industry to do more.

oh, yeah, that'll help.
posted by skippy at 6:30 PM |


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