Leave Us in Our Time of Greed  

Grist comments on the recent US Senate hearings into windfall oil company profits. This of course reminds me of similar investigations after the 1970's oil price spike which seemed to suggest that the oil companies were intimately involved with that paritcular supply side crunch. Some peak oil analysts shrug their shoulders and say "what do you expect - demand is beginning to exceed supply ?", but I'm not so sure - the peak may be upon us or close by, but I have few doubts that the big oil companies will use every trick they've learned over the past century to squeeze every cent out of us that they can.

I saw Jabba the Hutt on TV today talking pompously at one of these hearings about letting markets work their magic unmolested, which was a bit rich coming from the figurehead of an industry that has probably received more tax breaks and government subsidies (direct and indirect) than any other.

Oil execs defend profits, drink all the beer, leave the place trashed

The nation was treated to an exquisite piece of Kabuki theater yesterday, as Big Oil executives trudged to Congress to justify their record profits at a time when pricey gasoline and the looming threat of sky-high home-heating costs have Americans up in arms. The Republican leadership decided to give the oil chieftains a stern talking-to. But not too stern, mind you: Sen. Ted Stevens (R-Alaska), who chaired the hearing, refused to have them testify under oath. Despite the deference, the execs didn't do much to provide anxious senators with political cover. They said any temporary tax or fee on their profits is a bad idea. They don't particularly feel like voluntarily chipping in to defray heating costs. They want regulations governing refinery construction eased. And, most amusing, they don't even need all the tax breaks and subsidies Congress insists on lavishing on them. In short, the message was: Leave us alone. Shoo, now. Shoo.