Prices

Sun, 2012-07-29 13:13Farron Cousins
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How Do You Spend $375 Million A Day? Ask The Oil Industry

The average U.S. household has seen both their net worth and their average income steadily decline over the last seven years. Unemployment in the United States still remains at uncomfortably high levels, and the poverty rate is about to reach highs that haven’t been seen since the 1960’s. But as average citizens are struggling to provide food for their families and gainful employment, there are a special few in the U.S.A. who have more cash than they know what to do with. Those special few would be the oil industry.

While most of us in the U.S. were cringing every time that ticker on the gas pump climbed higher and higher, executives at the top five oil companies were squealing with delight as their profits climbed even faster and higher than the prices at the pump.

This week, oil companies are sheepishly coming forward with their 2nd quarter earnings statements, likely praying that Americans forget about the fact that gas prices were recently at near-historic highs in areas of the country. From Climate Progress:
 

The top two corporations on the Fortune 500 Global ranking, Royal Dutch Shell and ExxonMobil, announced their 2012 second-quarter earnings today, bringing the total profits for three Big Oil companies to $44 billion for 2012 or $250,000 every day this year. Exxon profited by $16 billion this quarter, bringing its earnings for 2012 to $25 billion.

The New York Times wrote that Exxon and Shell’s earnings “disappoint,” because energy prices unexpectedly dropped for consumers this summer. Put their profits in the appropriate context, however, and Exxon and Shell still made a combined $160,000 per minute last quarter, even though the top five oil companies benefit from $2.4 billion federal tax breaks every year.
 
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Wed, 2012-06-13 05:52Farron Cousins
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House Republicans Go All In With Dirty Energy Industry Bonanza Legislation

The dirty energy industry might experience Christmas in June if House Republicans have their way. Earlier this month, members of the House Energy Action Team (HEAT) unveiled a “package” of legislation that includes numerous bills that would give the industry everything that they’ve dreamt of for years. The legislative initiative, known as the Domestic Energy and Jobs Act, would grant almost unbridled access to federal lands for oil drilling and strips the EPA of their ability to properly regulate industry.

From a House Energy and Commerce Committee press release:
 

Read more: House Republicans Go All In With Dirty Energy Industry Bonanza Legislation
Wed, 2012-04-25 14:14Farron Cousins
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Dirty Energy Industry Front Groups Launch Misleading PR Blitz Against President Obama

The American Energy Alliance (AEA) isn’t pulling any punches with their new advertising campaign, spending millions of dollars to air 45 million ad spots on Pandora Radio. They are attempting to hang the high cost of gasoline around the neck of President Obama, using a series of arguments that actually have nothing to do with how much Americans are paying for gasoline.

Here is the YouTube version of their ad, titled “$9 Dollar Gas”:



Before dissecting their arguments, it’s important to remember that the American Energy Alliance is a non-profit organization established by the oil industry to carry out lobbying activities. As such, their donors are kept secret. However, AEA president Thomas Pyle is also the leader of a related organization called the Institute for Energy Research, which has received funding from the usual suspects – Exxon and Koch Industries. In fact, Pyle formerly served as a Koch Industries lobbyist.

Read more: Dirty Energy Industry Front Groups Launch Misleading PR Blitz Against President Obama
Fri, 2012-04-13 19:18Farron Cousins
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Karl Rove's Crossroads GPS Doubles Down On Gas Price Talking Points

The Karl Rove-helmed lobbying group Crossroads GPS (in conjunction with their parent group American Crossroads) has decided to double down on the debunked talking point that President Obama is to blame for the spike in gas prices. Their latest ad, titled “Too Much,” specifically takes aim at the President’s claim (based on facts) that domestic energy production is at a record high.

Take a look:



It is interesting to note that in this ad, when they attempt to “debunk” Obama’s claim about domestic oil production, the source they cite as evidence is actually talking about only the oil production, a fact that they actually left in the ad yet conveniently ignored:

Read more: Karl Rove's Crossroads GPS Doubles Down On Gas Price Talking Points
Wed, 2012-03-07 20:03Farron Cousins
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Republican Claims About Gas Prices Demonstrate Lack Of Knowledge About “Free Market”

As the national average for gas prices pushes closer and closer towards $4 a gallon, Republicans have wasted no time in attempting to convince the public that President Obama and his “hostility” towards the oil industry is the reason we’re feeling the squeeze at the pump.

Fox News recently leant space on their website to let Republican National Committee Chairman Reince Priebus feed debunked talking points to Fox readers in an error-filled op-ed:

Read more: Republican Claims About Gas Prices Demonstrate Lack Of Knowledge About “Free Market”
Fri, 2011-05-20 10:16Farron Cousins
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On Oil Drilling, Which Obama Do We Trust?

Mainstream media has been covering oil in some form or fashion nonstop for weeks. Stories abound over high gasoline prices, oil industry subsidies, and oil drilling. And in spite of all of this coverage and numerous speeches, it is unclear where the Obama Administration stands on the issues.

While on the campaign trail in 2008, Obama told us that he would continue the ban that was in place on new offshore drilling projects in American waters. A year after taking office, he reversed this position and opened up 500,000 square miles of water for oil drilling. Less than a month after opening up these waters, disaster struck as BP’s Deepwater Horizon oil rig exploded and sank, causing millions of gallons of oil to leak into the Gulf of Mexico. After this tragedy, the Obama Administration put a moratorium in place to stop new leases on offshore drilling, going back to his original campaign promise.

Unfortunately, just a year later, the administration has apparently forgotten the lessons we learned after BP’s blowout, as this week they announced that they are not only in favor of opening up more waters for drilling, but are also planning on opening up areas of Alaska for the oil companies to plunder.

So I ask – which Obama do we trust? Campaign Obama? Post-election Obama? Post-BP Obama? Or present-day Obama?

Read more: On Oil Drilling, Which Obama Do We Trust?
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