Sunday, May 25, 2008

Fool's Nation: PART II

If you really want an eye opener just take a look at this chart which was offered up by Chevron at the recent congressional hearings on oil company profits: My source was powerlineblog.com


How comical that Congress takes our American energy companies to task for the high prices we are paying when it is 30 years of congressional interference (Democrats and their eco-nut friends) with drilling bans and environmental policies that make impossible to develop America's own vast natural resources.

It's clear with a cursory glance at this chart [click chart to enlarge] that American and European private energy companies are small potatoes. For Congress to chastise ExxonMobil for reaping a 9% return on their enormous investments is priceless. The reality is the federal government itself reaps 5% at today's prices from every gallon pumped while doing everything in their power to make it harder for ExxonMobil. This does not take into account the other taxes the government collects before the gas is ever pumped into your car. So who is gouging the American people?

So Congress has its whipping boy and the American public justs eats up. We are being jerked around all right. The jerkers are coming at us from every corner of the globe, Saudi Arabia, Russia, Venezuela, Iran and Washington DC.



CW

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