With all of the political campaigning and the talks about how there’s going to be tax refunds, it’s absolutely amazing to me that there isn’t anyone that makes any mention of the soaring gas prices.
Here’s the thing. Ever since Katrina, gas prices has never dropped again. And there hasn’t been a single politician that has complained about this. Why? Katrina has long been here and gone. The levels of crude refining are back to norm and all the excuses of pipelines or Alaska oil having issues has since past.
It was only a bit ago that I filled up at $2.90 per gallon. Others around the country suffer through above the three dollar mark. Who needs a tax refund? I’d more appreciate it if Congress stepped in and called this price raising a farce and dropped gas prices by a dollar. In fact, if anyone campaigns for economic relief, there should be a stand taken against big oil. If you still feel that they deserve it, then let’s take a look at the numbers:
Exxon and Chevron aren’t the only two oil giants to report impressive earnings recently. Conoco (COP, Fortune 500), the nation’s third-largest oil company, trounced profit estimates by nearly 25% when it reported last week. And Royal Dutch Shell PLC, Europe’s largest oil company, reported a 60% increase in profits Thursday.
Now if that doesn’t throw up a red flag for any politician, then you really wonder who they work for… and it sure doesn’t seem like it’s the constituents. From a business perspective, when an entire industry as mature as big oil is trouncing profit predictions by double digits, you have to truly wonder a bit.
And they (big oil) get tax incentives to actually do all of this. In fact, there’s absolutely no oversight by Congress at all, which is part of the issue why this is happening. Good luck getting the executive branch involved either. Look at their backgrounds. Both the Secretary of State and the President have ties to the oil industry. Presidential candidates haven’t even began to touch this subject of which would technically affect the entire voter block.
Talk about a big white elephant in the room that no one’s talking about.
Photo Credit: (Bryan Burke)