Senate members of the Judiciary Committee confronted oil executives today about mergers and high gas prices. You all know my position regarding gas companies. I found a few things interesting from today's public hearing:>>The industry only invests 3% of profits in developing new energy sources. The big guys responded by saying that most of their money went to shareholders through stock buybacks and dividends. (Glad to know that my $30 per fill-up goes to make the rich richer)
>>None of them responded when asked if they needed the $2.8 billion worth of government subsidies in our current economic condition. The Exxon head certainly couldn't say anything since that company earned over $36 billion last year. (Anyone embarrassed by taking government handouts that's not needed?)
>>Exxon's head took a turn on the government by saying that it would be helpful if they would stop introducing so many varieties of reformulated gasoline.
>>One reason that natural gas is so expensive is because energy companies defeated a plan to import the gas from Canada and buried excess supplies. The gas companies declined at least six opportunities to have a free pipeline built for the imported natural gas.
>>The five largest American refiners control 56% of refining operations while the top 10 control 85%. (No monopoly, huh?)
(stories here and here)
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