Independent Christian Voice


Oil execs to be asked to justify profits

From the Associated Press:
WASHINGTON - Top executives of three major oil companies will be asked by senators next week why some of their industry's estimated $96 billion in record profits this year shouldn't be used to help people having trouble paying their energy bills. …There is growing distress among both Republicans and Democrats in Congress about the huge profits reported by oil companies last week.

On Tuesday, Sen. Charles Grassley, R-Iowa, chairman of the Finance Committee, said oil companies "should do their part" and donate some of their third-quarter earnings to low-income families and senior citizens having trouble paying energy bills, including high heating bills this winter. Grassley cited industry analysts as estimating that the 29 major oil and gas companies are expected to earn $96 billion this year.

"You have a responsibility to help less fortunate Americans cope with the high cost of heating fuels," Grassley, whose committee deals with tax legislation, wrote in a letter to the chief of the American Petroleum Institute, the industry's lobbying arm. He also said companies should invest more of their profits in exploration and production and refining capacity to increase supplies.

> Read full article

Another sign that this administration is starting to lose its tight-fisted grip over members of its own party. For Republican senators to call to task the GOP's and, specifically, this administration's biggest corporate friends is an encouraging sign. Maybe the people's cries have become loud enough for Republican leaders to actually start paying attention to their true constituents.


Post a Comment

<< Home