More bread and circuses

John Larson

Senator Schumer wants to investigate oil refiners’ profits, O’Bummer has directed the Justice Department to go after oil companies and some jackass in Hartford is hopping up and down over “oil speculators”.

The point of all this shrieking and finger pointing is to direct attention away from the environmental regulations that have prevented any new refineries being built for the past four decades, the Ethanol mandate, the blocking of pipelines, offshore drilling, etc. etc. Schumer at als know the true causes behind the rise in prices but they’re counting on 15 second sound bites and bold headlines to keep Americans distracted. Pure demagoguery and I’m sure it will work.

But it won’t drop gasoline prices.

7 Comments

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7 responses to “More bread and circuses

  1. schumer

    love me. i just want to give everyone money. i only know how to spend. talks sundays.

  2. Old as Dirt

    Get Gov. Rick Perry in office as Prez and say goodbye all sorts of stupid stuff Obama wants to do to stop forward progress of this Grande Olde US of A.

    As Perry said wisely: “Where Texas goes today, the rest of the nation goes tomorrow.”

    One can only hope!!!!!

  3. stump

    If the oil companies’ profits were really obscene, the media would regularly show us the profit per gallon. Then we could conclude how much lower our price at the pump would be if Big Oil wasn’t screwing us. For some reason, that number is hard to find. A week or two ago I heard a number of 6% mentioned as the profit margin. I wonder what the profit margin is on the gifts and souvenirs the New York Times offers for sale.

  4. Retired IB'er

    All the non-sense (regs, etc.) you, Chris, mention pale in comparison to the impact on oil prices that Bernanke’s inflationary policies of QE have had on the price of oil.

    I seem to recall the CEO of Exxon recently said that he thought the price of oil was in the $60’s based upon real end use demand if you stripped out inflation hedging investments.

    In my view all this “witch-hunt” on oil speculators is to blame a bad guy other than the FEDs policies of re-capitalizing the banks at the expense of main street again.

  5. atticus

    I remember when Reagan deregulated oil, Dems said “oil” profits would soar.

    Wrong. Gasoline prices dropped, as did “oil” profits.

  6. Noel's retreat to Southampton

    I like Marisa’sNoel Brown (5th daughter) comments: “I’ve danced the night away here”.

    http://www.danshamptons.com/content/hamptonstyle/june_13_07/4.html

  7. Jim in Durham

    The secret they don’t want made widely known- the state of CT and Federal Government make more per gallon in taxes then the oil companies . Have you noticed those old stickers that used to be on gas pumps in CT showing state and federal taxes are gone ? I’ve heard that the” Democratic ” controlled house and senate made this illegal years ago. Don’t want to give the people to much information,do we ?