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Oil Company Derangement Syndrome
Michelle has a good piece about the latest “dog and pony show” on Capital Hill involving oil company executives. Every time gas prices go up, Congress calls the oil company execs to appear at hearings so they can tell them to their face what greedy scumbags they are.
The only reason this happens is to give members of Congress cover when they have to return home to their constituents. If they’re seen on C-SPAN screaming at oil company execs and hurling accusations they can say they’re doing what they can to bring gas prices down.
It’s all a big show, but I guess most Americans really are stupid enough to believe all that or they wouldn’t keep doing it.
I’ll be the first to admit that the hearings are entertaining, but the underlying message of the hearings is actually quite troubling for a capitalist system like ours.
The idea that a company should have to apologize for making a profit seems contrary to everything this country was founded on. The idea of “too much profit” is something I’ve never heard of and really has a socialist ring to it.
I hate high gas prices as much as anyone, but as long as the oil companies are not committing a crime they should be allowed to make as much profit as they can. That’s what corporations are supposed to do, and they shouldn’t have to apologize for it. Again, provided they’re not ripping off consumers.
As I write this not one shred of evidence has been put fourth that U.S. oil companies are guilty of anything except making a profit which I’m led to believe is still legal in this country.
Unfortunately, John McCain appears to disagree with that sentiment according to his speech in Charlotte, NC in which he said this:
“Um, I don’t like obscene profits being made anywhere–and I’d be glad to look not just at the windfall profits tax–that’s not what bothers me–but we should look at any incentives that we are giving to people, that or industries or corporations that are distorting the market.”
The oil company execs repeatedly made the point that prices would come down if they had more access to supply. However, Democrats and John McCain refuse to allow oil companies to drill for oil in Alaska, or in the vast majority of our oceans.
That’s not a politically correct answer however, instead Democrats + McCain prefer a short-term feel good solution like a “windfall profits tax.”
The message is that you can be successful in America, but not too successful or we’ll have to tax you.
It is the oil execs who should be screaming at the Congress for killing our economy with their refusal to allow drilling and exploration in America.
-Chris Jones
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