A more productive approach to big oil
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John Harvey
Published: August 7, 2008
Among a spate of negative TV ads released by John McCain in the last couple of weeks, one tells us Barack Obama is somehow responsible for the high prices at the gas pump because Obama realizes that we cannot drill our way out of our energy problems.
McCain’s ad implies that the whole problem would magically disappear if Obama would just let us spend our vacations swimming between oil derricks at Virginia Beach, Ocean City and the Outer Banks.
Then, this week the oil companies had to report their profits for the last calendar quarter. Oops. Exxon reported a profit of $11.68 billion for the period of April-June 2008; that’s a profit (not gross income,
but absolute profit) of $89,133.09 PER MINUTE. “Poor” Chevron had a profit of only $5.98 billion, or $45,634.92 PER MINUTE. (I know some people who don’t make that much money in a whole year).
Obama proposes cracking down on oil speculators, imposing an excess profits tax on the biggest oil companies, ending tax breaks for the oil and gas industry and using the money obtained from all this
to develop alternative energy sources.
Big oil’s profits for the last quarter indicate that Obama’s ideas, which offer solutions rather than just attacking his opponent, might be a more productive approach.
JOHN HARVEY
Manassas
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Posted by ( raywilliams ) on August 08, 2008 at 5:31 am
Reports are that Iraq’s banks are overflowing with oil profits. Did not Mr. Bush promise we would be reimbursed for our costs in “liberating” Iraq with their oil revenues? Well George, when do we get Iraqi money to pay down our debt?
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Posted by ( Traveler ) on August 08, 2008 at 4:36 am
Solutions? Obama’s proposals are only feel-good suggestions that do not address the issues - much like all of his other rhetoric. America will require considerable additional energy sources, not just well-inflated tires. We need to exploit our own natural resources as well as to practice conservation and to explore alternative sources, especially nuclear power. To deny this and to obstruct oil drilling because of the Democrats’ fealty to extremist environmental groups is tantamount to treason. They are compromising our future so Nancy Pelosi can “save the planet”. McCain is spot on. This prescience shows why he is so much better fitted to be President than Obama is. Naievete does not become a successful President.
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