Monday, November 14, 2005

Oil, War and Profiteering

Nothing much came out of the oil hearings. The Exec's of the Big Oil Five weren't even sworn in when they came to testify. How convenient (or making for conveniently lying).
Lee Raymond, full of bull said "it was a tough balancing act" but said it wasn't price gouging. Sure it wasn't. He also said the (oil) profits are in line with other industries when earnings are compared to the industry's enormous revenues. I guess he wasn't aware the US Airways Group, Inc. which was bought by America West Holdings Corp, posted a wide third-quarter LOSS...and, of course, we (but not he obviously) wasn't aware of the Delphi Corp. bankruptcy filing for protection due to losses of $788 million.

Just who was he referring to, to make such a statement? Could it have been Europe? EADS (European Aeronautic Defence & Space Co.), Europes largest aerospace company netted 1.2 Billion for the first nine months of this year. And Eurocopter (one of EADS customers) is the global leader in helicopter sales...and we know where helicopters are shot down regularly.

The U.S. Airforce says it needs to replace its refueling tankers (around 500 of them) as they're "outdated" at a cost of 100 BILLION bucks...and, of course, it will be added to the already largest budget in our history.

Big Oil, War and profiteering for whom? Why the rich, of course. And forty three percent of Airbus (an EADS company) come from the Asia-Pacific region.

7 Comments:

Blogger mojoala said...

tis it be sad....

5:47 AM  
Blogger anybody said...

Gas prices around here have dropped about a dollar since the hearings. The saddest part of it all is that even when gas prices were over $3, the streets were still full of cars. Face it, we Americans are addicted to big oil no matter what the cost.

8:13 PM  
Blogger Flimsy Sanity said...

Congress couldn't have fawned more over the oil execs if they tried. - Some public servants they are, handing all the silver and steak out the back door to the tradespeople while the taxpayer waits for a hotdog holding his plastic fork. - Piss poor analogy but I tried.

7:28 AM  
Blogger Mojotek said...

Very sad indeed...

8:41 PM  
Blogger mojoala said...

where you've been porch?

10:28 AM  
Blogger roman said...

We have seen the enemy and it is us. Anyone who has a 401K or comparable retirement plan or investments in mutual funds needs only to look in the mirror. The goal of these investments is to return a dividend or increase its value.
Sure, we can point fingers at those no-good evil executives and feel rightious indignation. The problem is that, technically, these guys are our very own employees charged with making sure we get the most bang for our buck.
Want to make a real statement? Check your portfolio, circle Exxon, Mobil, Shell, etc and then sell those shares. Do I hear the pitter patter of feet running to open those manila folders? I suspect not.

8:10 PM  
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11:13 AM  

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