When congress asked the oil companies as to why the prices of gasoline were so high, they said that there were two elements, the rising price of oil per barrel and the lack of production facilities. When asked if the oil companies were planning more refineries they said “No, we can keep up with production.” I guess not a single congressman understood that reply was the tip off to why they were making BILLIONS AND BILLIONS of profit per year.

The problem with using the price of oil per barrel as an index is that the costs of refining the oil IS NOT tied to that index. In short the cost to refine is constant and while the cost of the oil may rise. The oil companies want you to think they are spending money on development when in actuality they have paid their development cost and are pocketing the profits that would go into new development. They don’t want to open more refineries, they don’t want to search for more oil, and they certainly do not want to perform research that would maximize the efficient use of non-oil based fuels. Some of the oil companies may want you think they “think green”, but really, the amount they spend is a joke compared to what they make in profits. (Also, if they do happen upon a really efficient way of using some other form of energy they can patent it and keep it off the market.)

The oil companies want you to not blame them for making BILLIONS AND BILLIONS because it is “THE MARKETS FAULT”. They want you to think that with all the record profits that they are NOT raking in enough! They are being so self sacrificing by having to accept these BILLIONS AND BILLIONS in profits they do not know what to do… Oh come on…

I heard a new term the other day and I figure that it make perfect sense to apply to the oil companies; WINDFALL TAX! How about we tax the profit to Kingdom Come and see just how fast the price of gas falls.

The problem is that on the quarterly FEC filings under expenditure they can claim things like “exploration and development” as costs of doing business, and who know how much of that is totally made up. Where is there proof of exploration. Where are the results of development? I do not see it making a difference in the cost of gas, so what good is it? Meanwhile the oil companies haul in BILLIONS AND BILLIONS in profits…

I got to buy stock in Exxon or Chevron, because god knows I am paid for the shares at the pump already!