- Sep 14, 2004
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What is unlimited about eight percent? Investment is a function of ROI. Reduced investment will lead directly to decreased oil supply. Less oil on the market will cause prices will rise even further. The Bush energy policy has been a disaster. But no more so than Clinton's. Neither of these Administrations did anything of significance to develop alternative supplies of energy. Is that Exxon-Mobile's fault? We are utterly dependent on what oil companies produce. They are making eight bucks per hundred. Do we want them to keep producing it? Then we will not reduce further the energy industry's relatively weak eight percent ROI. Instead we should provide incentives for energy companies to build nuclear power plants and coal gasification plants. Further we should make rational the government regulations that are constraining oil shale development. Or we can complain about high oil prices, scapegoat the energy companies, and continue to allow our foreign policy to be distorted by our addiction to imported petroleum.That fails to take into account that Exxon/Mobil had the highest profits of any corporation EVER two quarters (I think maybe three quarters now) in a row... all the while when people can't afford to heat their homes or buy gas.
This is a public trust issue and shouldn't be left to a behind closed doors policy that suited Cheney and his buddies.