Got Some Explaining To Do

In a cruel irony, oil was hitting a new record high price as executives from the five largest oil companies testified before Congress today. For the second time this year, oil company officials were summoned to appear before Congress to explain their massive profits, as gas prices are spiraling out of control. Oil execs testifying under oath before the Senate Judiciary Committee, claimed that the market is to blame for the price of oil, and their companies were not gouging consumers. John Hofmeister, President of Shell Oil Company said; "As repetitive and uninteresting as it may sound, the fundamental laws of supply and demand are at work". He is right actually. We are not interested in what he has to say, only why his company and the others are making record profits while Americans suffer. From what I read, lawmakers really gave the oil execs hell, but did it accomplish anything to help us? Congress has threatened big oil with extra taxes, and revoking the 17 billion dollars in tax breaks that they receive. Why they get that much money in the first place, I will never know. I stopped for a minute to consider the question; what if the oil company executives are telling at least part of the truth? What if supply and the markets really are part of the problem? Congress needs to act and meet the oil companies halfway. They need to lift restrictions on oil exploration in North America, and clear the way for additional refining capacity. I am deeply concerned about the environment, but with my brother and sister Americans suffering 4 dollar a gallon gas, we need help. Real help, right now.

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