The American people stay broke and the Bushies stay Rich
Critics Assail Big Oil at Hearing
WASHINGTON (Dow Jones) -- Oil companies have grown too big and powerful, and it may be time for a new trust-buster in the mold of Teddy Roosevelt to break up the monopolies, Sen. Charles Schumer, D-N.Y., said Wednesday at a congressional hearing.
"America's families are getting a raw deal, while oil companies make out like the robber barons of Roosevelt's time," Schumer said, as he opened a hearing into the oil companies' market power at the congressional Joint Economic Committee.
Bush Threatens Veto of Gas Gouging Bill
The White House, in a formal statement of administration policy, said the legislation amounted to price controls that would hinder oil companies and retailers from responding to market signals, potentially worsening fuel shortages.
Crude, Fuel Inventories Rise
NEW YORK -(Dow Jones)- U.S. crude inventories unexpectedly increased last week, according to data released Wednesday by the the U.S. Department of Energy.
Crude oil stockpiles rose by 2 million barrels to 344.2 million barrels, compared with an average survey estimate of a 200,000-barrel draw.
Gasoline Up 12 Cents in Week to Record
WASHINGTON (Dow Jones) -- Gasoline prices in the mid-section of the United States surged last week, pushing average U.S. retail gasoline prices up by 12 cents to a record $3.26 a gallon last week, the Energy Department reported Monday.
1 comment:
The retail stores aren't gouging (unless they suddenly raise the price to $5 with 19 cars in line). The congress knows this. The bill is a joke, they just all want to appear like they're doing something.
The time to do something was when the oil companies were all merging. The FCC let them do it. Let's see, who was in charge...
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