Once Again, Oil Prices Are Up and What Does Congress Do?

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Once again, oil prices are up and what does Congress do?

I’m John Loeffler at steelonsteel.com, here’s how it seems to me.

Every time we hit high oil prices Congress jumps into action, holds hearings and does…uh, nothing.

Right now the United States is plowing into a major global energy storm, totally unprepared to face it with a feeble energy policy. Almost ten major studies have been done showing that the world’s daily demand for oil is exceeding the amount that we are producing; and this situation goes critical by about 2014 or ’15. It’s just months away, meaning that there’s going to be a major worldwide shortage of oil. If you think prices are high now, wait until it hits seven dollars, ten dollars.

Now we didn’t have to be in this condition, for years we’ve been painting ourselves into an energy corner by refusing to exploit our own national resources. The world energy market is huge! U.S. oil companies only represent about 15% of the total world market; and contrary to what you hear about record-breaking profits, oil companies only make about a 5% return on their investment.

The day of cheap oil is over. So what is Congress doing as the storm approaches? Well I guess they’re holding hearings, right? But the next time Congress critters tell us about the evil oil companies, you might want to point out to them that the biggest profiteer at the pump is government. They make more in taxes from every gallon sold than the oil companies do in profit.

I’m John Loeffler at steelonsteel.com and that’s how it seems to me.

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One thought on “Once Again, Oil Prices Are Up and What Does Congress Do?

  1. As you so often observe, “the media is looking in the rear view mirror to see where we are going.” Actually that’s when they’re doing a relatively good job. Most of the time they are looking at the radio dial to see what kind of distraction upon which they can focus. Either way, it is a miracle that the collisions encountered so far have not been fatal as yet.

    Congress, being the political creature it is, looks to the media to see where it’s going. Now it’s also very convenient for Congress that the media doesn’t compare tax revenue from retail fuel sales to corporate profits as you just did.

    Is it any wonder that Congress is more concerned with policy minutia than addressing the general welfare of its constituency? In this case media treatment of global ________ (warming, climate change, whatever) has more influence upon Congress than actual energy use, current and projected.

    But, thanks to Steel on Steel productions, the internet, the TEA party and (gasp) reality, mainstream media’s occupation of Congressional attention is fast diminishing.

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