With that interested fixed gaze, you can bet ole Hill's got things all in perspective. Perhaps not.
This past week another hearing brought oil company executives before the House Select Committee on Energy Independence and Global Warming, chaired by Ed "allegedly from Massachusetts but seldom seen except when a TV camera is around" Markey.
Yes another hearing...after the gasoline market was investigated by the Federal Trade Commission, U.S. State Attorney's General, and others...coming to the conclusion each and every time...there is no price fixing. The market works. The complaint: profits for oil companies are too high. Actually, profits are 7.6% of sales, less than 9.6% margin achieved by non-automotive manufacturing. Oil is still the premier product of international trade. We import about 56 percent for our use. As the U.S. dollar goes down, the price goes up as producers want to keep their purchasing power even if demand dosen't increase. China has rattled the market with substantial demand. There is some good in these high prices. Oil company profits stimulate production and provide funds for huge investments that will be needed to provide future supplies. Not to worry though...ole Hill and/or Barack will have the government bail us all out with high test.
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