My colleague Omnia21 had a good write-up of Day 1 of the Senate Judiciary Committee on rising oil prices. Sounds like the oil company execs are fighting back. From Omnia21:
Once again Congress hauled energy company executives before
them to blame them for high prices for gasoline and other fuels. As
usual, they were attacked. Senator Richard Durbin, Democrat of
Illinois, set the tone:
"You have to sense what you're doing to us - we're on
the precipice here, about to fall into recession. Does it trouble any one
of you - the costs you're imposing on families, on small businesses, on
truckers?"
The “costs you’re imposing” charge said it all.
For once, the oil executives firmly but clearly told Congress that in
large part it was to blame.
The problem is too much world demand and U.S. law and regulations have
constricted supply, thus placing pricing power in the hands of Middle East
nations, Russia and Venezuela. There are hundreds of billions of barrels
of oil in deep water off both the east and west coasts, off the west
coast of Florida and in the Rocky Mountains, to say nothing of ANWR, in
which oil companies are prevented from exploring and drilling.
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