"Greedy Oil Companies"

In the past quarter, while hurricanes were shutting down Gulf Coast oil wells and refineries, distribution was upset and Iraqii oil stopped flowing once again, while George Bush and his allies (including Pat Robertson) insisted on antagonizing Venezualian president Hugo Chavez, and continuing to ignore CAFTA rulings that would benefit Canada, gas prices soared. Exxon and other major US oil suppliers posted record profits. This week, those oil industry executives are appearing before congress to account for thier profits.

The attempt is being made to paint the oil companies as bad corporate citizens for taking a profit while people are hurting. And to punish those companies for their profits. This is bad, bad, bad.

Here's why:

• With record prices, all it would take for the industry to record record profits is a constant percentage of the sales price taken as profit. I don't think anyone would (or should) begrudge the industry that.
  
• This policy is clearly out of line with congressional response to others with administration connections who are benefitting from the tragedies of our time. Where's the proposed penalty on Halliburton, KBR, a dozen private security firms in Iraq, Carnival Cruise lines, Enron?
  
• We shouldn't offer the oil companies a way to get out from under the image of being dirty, rotten scoundrels. The way to reduce oil industry profits is to *buy less oil*. This would be so good for the country all the way around.
  

Oil prices are now falling. I never thought I'd be happy filling up at $2.27/gal as I did this morning; but it was a lot more comfortable than the $2.80 I had been paying. But even though I feel a relief at that, I think higher oil prices are a good thing.

• less driving = less pollution, lower health care expenses; = more walking, reduction of weight, lower health care costs, more talking to neighbors, less crime; = less US money going overseas, less oil money to fund terrorism.