CHARLESTON, W.Va. -- America's families, businesses and local governments are being damaged by sky-high gasoline prices -- while Big Oil corporations earn astounding profits. Yet Republicans in Congress blocked a Democratic attempt to end taxpayer subsidies for the fuel firms.
Michael Wilson, director of Americans for Democratic Action, wrote:
"The Big Five oil companies -- ExxonMobil, Chevron, Royal Dutch Shell, ConocoPhillips and BP -- reported a combined first-quarter profit of $62.7 billion. Since 2000, their combined profits approach $1 trillion.
"That's right: As government funds are being slashed for infant formula for low-income mothers, Medicare, Head Start programs, the Peace Corps and high-speed rail, while teachers, firefighters and police are being laid off by boatload -- Big Oil's $4 billion in tax breaks remains secure."
Sen. Jay Rockefeller, D-W.Va. -- who inherited a legendary oil fortune -- is helping lead a Democratic battle in Washington against Big Oil profiteering. During a recent Senate hearing, he said major international petroleum corporations are "deeply and profoundly committed to sharing nothing."
Rockefeller is waging a three-pronged war against gasoline costs, as follows:
| He asked the U.S. Commodity Futures Trading Commission to crack down on speculators who drive up the cost of crude oil by gambling on future prices.
| He asked the Federal Trade Commission to investigate "the risk of fraud or deceit in the petroleum market" -- specifically, to inquire whether giant oil firms exploit the unrest in Arab oil nations to grab excess profits.
| He asked President Obama to release part of America's Strategic Petroleum Reserve to lower at-the-pump gasoline prices.
Meanwhile, some experts say gasoline costs could be controlled if America had a master energy plan (not a charade like a Bush-Cheney administration plan drafted with help from Enron crooks). Supposedly, a master plan could spotlight new fuels and reduce imports of Mideast oil. Congress should stop infighting and get busy on this project.
And, of course, Congress should halt taxpayer subsidies to the greedy industry that is reaping $1 trillion profits while Americans suffer.
