Saturday, May 06, 2006

Big Oil Will Devour Your Soul

Yes, I'm a bad, irregularly posting blogger these days.

Chevron profit jumps 49 pct to $4B
NEW YORK (Reuters) -- Chevron, the No. 2 U.S. oil company, Friday said its quarterly earnings rose 49 percent to $4 billion, topping Wall Street expectations and sparking a 2 percent rise in the stock.

The results came as U.S. consumer anger grew over high gas prices and Big Oil's gushing profits. On Thursday, Exxon Mobil, the world's largest publicly traded oil company, reported $8.4 billion in earnings -- its biggest first-quarter profit ever.
In a world that hasn't gone utterly mad, this would be awesome news for investors, however with the spectre of investigations hovering over the heads of oil companies for making too much money, this news is likely to drive off investors of less intestinal fortitude.

I wonder if "Big Oil" is in the new addition of the AP Stylebook?

Oh well, says the average person, what do I care about fat cat exectutives getting rich while they make deals in poorly-lit, cigar smoke-flled rooms and eat babies? After all, it doesn't affect me if they're getting pantsed and raped like a child-molester in prison by the U.S. Government. I think the government should take that money away from them and give it back to me. They're all just swimming in their money bins, I need cheaper gas!

/Sarcasm.

Cause and effect. Increasing the expense and inconvenience of manufacturing gasoline = more expensive gasoline. I don't know how much plainer it can be said, and I'm not the only one saying it. Regardless, the unwashed masses out there, whoever they are, seem to think that much of the blame lies squarely with the oil companies and gas stations, whose only crime has been to provide a product to the consumer at the lowest price that the market will support.

Some people correctly blame the government, but that just seems to foster a shrug and a grumble. After all, what are we supposed to do about it?

Hello, America! You're a representative republic! Throw the bums out. Better yet, run for office, if you think you do a better job. As long as you are content to be an armchair quarterback, and let guys like Charles Schumer or Mel Martinez, feed you bullshit about things that they barely understand themselves, they will continue to do so. Who are they to decide that profits are obscene? The U.S. and state governments rake in more per gallon than the oil companies so they can piss it away!

Charles Krauthammer had an excellent column explaining the issue in small words even politicians can understand, reinforcing my own rudimentary knowledge of the basic market forces at work here. I agree with the Economist and Wulf at Atlas Blogged, I think the government needs to let the market work and break down barriers that prevent it from operating the way it ought to. Y'know, like taxes. Because a $100 rebate isn't going to fix a thing and neither will villifying the companies that provide the commodity.

A tax holiday! Good grief, if we can remove the taxes entirely for a day or a weekend, could we not afford to spread that across a whole year and decrease the overall tax? Don't do me any favors, fellas.

Better yet, keep the taxes on the gasoline; just repeal the 16h Amendment and stop taking my income. I challenge you to figure out a better solution.

Previous:
What You Don't Know Hurts Everybody
Rocket Surgery
The Real Gouge
Unquestioning Belief In Works Of Fiction
Obscene Profits

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5 Comments:

Blogger Mike's America bloody well said...

Uncle Scrooge is my favorite Disney comic book!

Not the idiot P.C. tree hugging new ones, just the original Carl Barks masterpieces!

07 May, 2006 14:17  
Blogger Rebekah bloody well said...

I'm getting really sick of the "gas companies are gouging" line, too. I can't even stand watching the O'Reilly Factor because the discussions usually go like this:

Bill: "The gas companies are gouging. What say you?"
Super-smart economics geek who has ten college degrees: "Well, Bill, actually there's a whole lot of factors that play into it..." (At this point he goes into economic talk that's miles above my head so Bill and I zone out.)
Bill: (Interrupting)"That doesn't matter. They. Are. Gouging. Sheesh, how can you not see it?"

Very irritating.
I always think that if you're gonna gripe about something, you'd better be willing to do something about it.

07 May, 2006 21:45  
Blogger Crazy Politico bloody well said...

All folks have to do is quit driving, demand goes down, prices go down. It's that easy.

But since we insist on living in suburbs and exurbs that don't have mass transit to the cities we work in, it's pretty tough.

A study a number of years ago showed San Diego's "anti-verticle growth" initiatives probably added a nickle a gallon to the cost of gas in the area.

08 May, 2006 08:01  
Blogger Robosquirrel bloody well said...

Rebekah: better yet, know a little bit about a topic before you shoot off your mouth. O'Reilly is more often than not impossible to listen to. I prefer Hannity, even though I never watch TV. Y'know, except for Deal or No Deal at 2000 tonight. And Lost on Wednesday... Oh, hell.

Crazy P: Go to bed, America, your government is in control again! Here's American Gladiators! Watch this! Shut up! You are free to do as we tell you!

08 May, 2006 18:51  
Blogger Rebekah bloody well said...

I know what you mean. I used to like the show, but now O'Reilly just irritates the heck out of me. I much prefer Hannity.
LOL. Yeah, but then again I'm watching American Idol at seven anyway...

11 May, 2006 11:15  

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