Big Oil has been announcing staggering first-quarter oil profits this week:
- Exxon Mobil: $10.9 billion
- Shell: $9.1 billion
- BP: $7.62 billion
- ConocoPhillips: $4.12 billion
- Chevron: announces tomorrow
And what are our pockets lined with? Well, mine feel about $50.00 lighter every time I fill up my gas tank. How about yours?
Wait...wait...what's this? I just found some complete bullshit in my pocket. I wonder who put that there?
“Any tax increase that Congress imposes on the oil companies would only be paid for by consumers through boosted prices at the gas pump.”Thanks, Tiahrt. But a study by the Consumer Federation of America begs to differ:
The oil industry’s response to increased demand and higher prices suggests market manipulation. Rather than investing in additional refining and storage capacity to avoid shortfalls, the industry has systematically underinvested and there is thus a shortfall of over 3 million barrels per day in refining capacity. This is not the behavior of ordinary market participants in absence of collusion.Thanks to Pat Roberts and Todd Tiahrt - who have been taking money from Big Oil for years and repaying them by voting for billions in tax breaks and incentives - we are stuck with empty pockets and no plans for a summer vacation.