Rocketing Oil Price: US Congress Grills Oil Company About Profits

VOA news said that US Congress call 5 biggest oil companies due to the rocketing oil price while the oil companies’ profit reach US$ 123 billions.

There is one oil company profit US$ 40 billion while its investment cost only US$ 100 millions. The profit is 40,000%!

The Oil Companies argue that the rocketing price caused by the high of International Oil Price that reach more than US$ 100/barrel. On the other hand, Oil Companies such as Exxon Mobil, Chevron, Unocal, etc are the Cartel who controlled all oil from its sources all over the world including Arab and Indonesia (except Iran). That is why the rocketing “International Oil Price” is caused by the Cartel: The US Oil Companies which operate all over the world.

The US Oil Companies’ Monopoly increased after 2 biggest oil exporter countries: Iraq and Afghanistan fall into US occupation. These 2 countries’ oil is monopolized by the US Oil Companies.

President George W Bush and Vice President Dick Chenney are working in oil field. That is why the US Oil Companies get a strong support from the US Government.

To stop the rocketing oil price, the monopoly of US Oil Companies’ Cartel should be stopped. Stop US occupation in Iraq and Afghanistan so the oil monopoly by the US Oil Companies that make the rocketing oil price end here.

US Congress Grills Oil Company Executives About Profits

By VOA News 01 April 2008

M Arcega’s Congress Oil Profit report / Broadband – Download (WM) video clip

Members of the U.S. Congress have questioned top oil company executives about record-high oil and gasoline prices, record-high profits, and billions of dollars in tax breaks that help the companies.

The hearing before the House Select Committee on Energy Independence and Global Warming convened Tuesday as gasoline prices hit an average price of 86 cents a liter ($3.29 a gallon) across the United States.

The top companies together cleared $123 billion in profits last year, with Exxon reaping about one-third of that.

Majority Democrats asked why such profitable companies need $18 billion in tax breaks, and why they do not invest more money in renewable energy sources, such as wind or solar.

The executives say their profits are reasonable considering the huge size of their companies. They also argue that ending tax breaks will just make soaring oil costs hit consumers even harder.

Some information for this report was provided by AFP, AP and Reuters.

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