[nasional_list] [ppiindia] Big Oil in troubled waters
- From: "Ambon" <sea@xxxxxxxxxx>
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- Date: Sat, 12 Nov 2005 01:29:48 +0100
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http://www.atimes.com/atimes/Front_Page/GK11Aa02.html
Big Oil in troubled waters
By Emad Mekay
WASHINGTON - Some of the world's top oil executives, whose companies are
logging record profits, deny accusations that they are engaged in "price
gouging" in the United States, and even call for more incentives for the
industry.
Feeling the pinch on US consumers - and understanding the importance of the
issue for voters - the US Congress held a hearing Wednesday at which
legislators questioned the chief executive officers of the country's largest
oil companies.
The move came amid rising public anger over high energy costs for consumers and
soaring profits for oil companies, which forced an unprecedented recognition
among US lawmakers that the country, the largest oil consumer in the world,
needs to hold the companies accountable, and that it also needs additional
refining capacity.
Some US oil companies have recently posted their highest profits in history.
ExxonMobil corporation, the world's largest oil company, reported a 75%
increase in profits last month, including US$9.9 billion in the third quarter
alone.
Testifying before a joint hearing of the Senate Energy and Natural Resources
and Commerce, Science and Transportation Committees, the oil executives tried
to turn the tables, urging Congress to open new lands for exploration and
advocating fewer regulations as the only means to lower energy prices.
"What we definitely need is really the streamlining of regulations and
permits," said David O'Reilly, CEO of Chevron. "What we really need is access
[to new exploration]." Officials from ExxonMobil, ConocoPhillips, BP America
and Shell Oil also testified on Wednesday and stuck to similar lines.
Democratic leader, Nancy Pelosi, had called for the House of Representatives to
pass measures providing US consumers with relief from skyrocketing petrol and
home-heating prices. "These companies have been given billions of taxpayer
dollars in subsidies, tax breaks and even 'tax holidays' from paying royalties
due to taxpayers from the production of oil from public lands," she said.
Democrats have called for a house vote on a new bill, the Federal Response to
Energy Emergencies Act, which they say would protect consumers from price
rigging by the energy industry.
The act would also give the Federal Trade Commission broad authority to crack
down on price gouging for a wide range of fuels and by businesses all along the
supply chain.
US consumers who heat their homes with natural gas could see their fuel costs
increase by as much as 85% in some parts of the country, and those who use
heating oil can expect to pay an average of 32% more.
"The average American family will spend $4,100 on energy costs this year,
translating for many into living closer to the financial edge," said Steve
Miller, president of the non-profit Americans for Balanced Energy Choices.
"Affordable energy is a vital part of Americans' way of life to warm our homes,
cook our food and to light our dinner tables. In addition, soaring energy costs
can rob American families of the opportunity to have affordable health care,
housing and nutrition."
Democrats say they are willing to consider punitive measures such as taxing
windfall profits related to market manipulation.
Independent watchdog and consumer groups have complained of price gouging and
appealed for official intervention. Among the measures sought is for the White
House and Congress to force ExxonMobil to invest some of its record profits in
new refining capacity.
Environmental groups, including Greenpeace, argue that ExxonMobil should
fulfill its legal obligations from a lawsuit that took place 16 years ago. The
group demanded that the company compensate Alaskan fishermen for an oil spill
that dumped 11 million gallons of crude oil into Prince William Sound in
Alaska.
Fishermen and community members still have not been paid the $5 billion awarded
by a jury in punitive damages in 1994, says Greenpeace.
Other groups called for a criminal investigation. "We believe we have solid
evidence that refiners have manipulated the reformulated gas market by reducing
supplies and gouging consumers," said Alan Dye, president of Gas Pump Watch, a
consumer watchdog group that submitted an analysis to the Federal Trade
Commission and the Justice Department alleging that the oil industry has
illegally hoarded gasoline supplies to maximize profits.
"Big Oil is up to their old tricks, sticking it to consumers while laughing all
the way to the bank," Dye said.
The group claims that by acting in concert, the industry and refiners ensured
that supplies are artificially limited, insulating refiners from competition,
causing record price spikes and guaranteeing themselves hefty profits.
"Time and again, history has shown that Big Oil will distort competition in the
marketplace to reap windfall profits on the backs of the American public," Dye
said. "They're feathering their own nests on a bogus premise and they need to
be called to account for their behavior."
But some pro-industry analysts have argued against any of these measures,
particularly extra taxes on oil profits.
"If they enact a windfall profits tax or any other form of price control, the
result will be the exact opposite of what consumers demand and their
constituents need," said Richard W Walker of the Dallas-based National Center
for Policy Analysis.
Walker argues that Congressional intervention would place US oil companies at a
competitive disadvantage in the global energy marketplace and that it would
dampen investment in domestic oil production.
(Inter Press Service)
[Non-text portions of this message have been removed]
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