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Speak Up! Memphis

High Gas Prices called April Fool's Joke

CAPITOL HILL (AP) -- Congressman Edward Markey says the biggest April Fool's joke of all "is being played on American families by Big Oil."
  
Markey's select committee is hearing testimony today, Tuesday, April 01, 2008, from top executives of the five largest U.S. oil companies. The Massachusetts Democrat wants an explanation for record gasoline and oil prices and record profits for the oil companies.
  
In prepared testimony, Shell Oil president John Hofmeister said that he knows that "cost increases are hitting consumers hard, particularly the poor and those on fixed incomes."
  
But Hofmeister and the other executives said their companies should not be blamed for the high prices. They also argued that their profits are only slightly higher than those of other major industries.
  
Recently, oil prices peaked at $111 a barrel. There's also speculation that Americans could see $4 a gallon gasoline in the coming months.

(Copyright 2008 by The Associated Press.  All Rights Reserved.)

Published Tuesday, April 01, 2008 2:23 PM by Brent

Comments

 

East Memphis said:

Here these morons are going after the oil companies. Granted they are a bunch of CROOKS but the real culprit is:
_____________________________________________________

http://video.google.com/videoplay?docid=-515319560256183936&hl=en

_____________________________________________________

Oil is basically the same price in Gold it has been for years. People you are getting robbed by the second and bailing out the crooks if they rob too many people and their bank can't sell all the property they are stealing.
April 1, 2008 4:16 PM
 

East Memphis said:

Here these morons are going after the oil companies. Granted they are a bunch of CROOKS but the real culprit is:
_____________________________________________________

http://video.google.com/videoplay?docid=-515319560256183936&hl=en

_____________________________________________________

Oil is the same price in Gold it has been for years.
April 1, 2008 4:21 PM
 

East Memphis said:

Are they going after the milk companies?  What about the fresh vegetable companies.  What about the bread companies?

How about they go after the real problem like JFK, Mckinley, Lincoln, and Jackson.
April 1, 2008 4:28 PM
 

rwe38133 said:

it's good that our government can laugh at the cost of oil, especially since they don't have to pay for it. It is all taken care of by Joe Taxpayer....HAHAHHA
April 1, 2008 9:01 PM
 

natatskege said:

Oil companies are big crooks , I used to work for one but so are pharmaceutical and insurance companies. Basically throw a rock and whoever you hit start asking them why they are crooks. They will say because that is the only family legacy or corporate legacy they know, anything different and they will be labeled as a whistle blowers or unpatriotic.
April 2, 2008 11:58 AM
 

Diego said:

 natatskege said:
Oil companies are big crooks , I used to work for one but so are pharmaceutical and insurance companies.

I don't think anyone can defend the high profits of big oil or the drug companies, and I 'm not trying to, however, both spend billions on research that never turns a dime in profit. Oil is a very expensive business to be in. Should they pay the top exec's a hundred mil a year? No not at all. The fat cats rake in the big bucks while the rest of us dig under the couch cushions for gas money. I'd like to smack that big jerk from Shell with that smug look on his face as he said... "what we do at Shell when cost are too high is make changes..., people can just drive less if they dont like the price of gas" Like we have a choice.

As long as we keep pulling up to the pump the oil exec's don't give a damn what we think.
April 2, 2008 9:19 PM
 

brymack said:

I don't think I have ever heard of any CEO of any company (be it oil, insurance or pharmaceutical company) being paid hundred's of millions per year.  CEO salaries are generally in the multiple hundreds of thousands, but these "hundreds of millions" that people hear about are generally stock OPTIONS.  If the CEO does well at getting the price of their companies stock up, they may choose to exercise some of their options which may be worth a few hundred million or so.  If the CEO does not do so well and the stock price falls, these "hundreds of millions" in stock options may actually be worthless to the CEO.

If the stock price does go up, then the owners of the company profit as well - the owners being any one who directly or indirectly owns a whole or fractional share of stock.  

If some of those complaining about these "hundreds of millions" would take a moment to look at their retirement plan (IRA, 401k, 403b for the non-profits)holdings, they may be surprised to find out that they too are "suffering" all the way to the bank as the big oil companies are purportedly doing.

If those who buy oil and oil-based products would stop buying so much of it, the price at the pump WILL drop.  But we americans are not the only ones demanding the same limited supply of petro-products.

Oil companies are not the ones who set the price at the pump... this is all done on the futures market by investors speculating on, gues what, the supply of oil and how much of the black gold we and the rest of the world are going to demand.

If we and the rest of the world keep guzzling the black gold down like cheap beer 20 minutes before closing at a $5 beer bust, the price is going to continue to rize.

April 8, 2008 11:13 PM
 

nvrplyn said:

bmyrack--Have you not ever heard of what these people get when they retire? They could buy a small country with their retirement plan. Sure, their salaries may be "small", but they know they will get millions and millions when they decide its time to go.
April 9, 2008 1:34 AM
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