Oil Exec's go to Washington...Again

I remember the last time these oil big-wigs testified in front of the Senate a few months ago. The Senate failed at whatever they were trying to do as gas is at $2.49 per gallon at my local station. Now these oil executives were invited back for another round of hearing in front of the Judicial Committee, and it appears the results will remain empty. Nobody in Washington is willing to make a move against the oil companies, for one reason or another. Most of them talk a big game when asked about gas prices, but most americans continue to get nailed at the pump. Senator Arlen Spector is attempting to get some sort of legislation passed, however I am not sure how it will help reduce prices. Here's what I mean:

The main issue at hand was a proposed bill by the committee's chairman, Sen. Arlen Spector, that would limit oil and gas company mergers if the merger would impact supplies or prices.
The legislation would also permit the government to take legal action against the Organization of the Petroleum Exporting Countries, or OPEC, for restricting oil supplies and fixing prices.

The response by our oil friends was:

They said restricting mergers or breaking up big companies wouldnt solve the price problem, as price is set on the world market and is driven by supply and demand, but would simply make the U.S. companies less competitive in securing oil supplies in a tight race against the national oil companies from countries such as Russia and China.

Booooooo-Hooooooooo. If these people in the oil industy expect any sympothy from the American people they must by on some goooood drugs. We are all getting screwed, and the worst part is we know it. Everytime I drive by a gas station and see the price of gas jump 40 cents in one day I get angry, because I shouldnt have to pay so much for something I need. American should not have to drive less because oil is expensive, so dont let this call to conserve energy fool you. There is no shortage in supply. The sad part is that nothing will be done and prices are just going to get higher, and higher, and higher. Crude oil was at less than $20 per barrel just 6 years ago, it closed today at close to $63.

Source CNNMONEY

-Brad