Lowest Demand For Oil in 15 Years; Gas Prices Still Rising

The demand for oil in the U.S. is as low as it has been since April 1997.  But, oil prices have shot up as oil is now trading at $100 per barrel.  Speculation from hedge fund managers has heleped drive up the cost of oil.  These hedge fund managers seek to make a lot of money for themselves insuring the oil companies' profits, which have grown to record levels.  But, these prices do not account for other factors such as the environmental damage from oil spills.  These prices also highlight the need to get off oil through efficiency upgrades to vehicles and alternative fuel sources to break the oil companies' monopoly on our energy supplies. 

http://thinkprogress.org/economy/2012/02/15/425926/gas-prices-rising-demand-1997/

House Transportation Bill Benefits Oil Companies

The transportation bill that House Republicans have proposed has been described as a gift to the Oil Companies. It ends the 30-year agreement that gave mass transit operators 20% of fuel taxes and highway user fees. Ray LaHood, a former Republican Congressmen and current Department of Transportation Secretary, has never seen a worse transportation bill in his 35 years of public service. It only serves those who drive cars to get to where they want to go. In other words, this Congress is screwing over people who cannot afford to own a car and keep us hooked on oil. This increases demand for oil and fattens the bottom line of oil companies. It allows them to drill off the Pacific and Atlantic coasts. After the 2010 Gulf Oil Spill off the coast of Louisiana, we need to cut our reliance on oil since oil companies are only interested in making big profits. http://www.triplepundit.com/2012/02/house-transportation-bill-paves-road-big-oil/comment-page-1/

House GOP Orders Gasland Journalists Arrested (for 2/1/12)

Josh Fox, the maker of the documentary film Gasland, arrived with his crew at Capitol Hill to film a public Congressional hearing on fracking, which is causing extensive groundwater contamination in the extraction of natural gas. Instead, Republican Chairman Andy Harris of the House Subcommittee on Energy and Environment ordered Capitol Police to arrest Fox and his crew in a shocking disdain for the First Amendment protections of freedom of the press. The filmmakers tried to get permits, which would let them film the hearing. This is standard operating procedure and crews never have had trouble like this before this hearing. There were only two cameras at the hearing, so there has to be a suspicious motive for House Republicans to do this. One can only suspect the millions of dollars that Republicans take from oil and gas companies drives them to suppress public dissent against these wealthy multi-national companies. These companies and their executives often enrich themselves by polluting the environment. When they become wealthy enough, they contribute huge sums of money to the campaigns of individuals like Harris and lie low while he deceives the people in his home district, which is District No. 1 in Maryland. Those people then foolishly vote for him and he pulls off a stunt like this. http://www.huffingtonpost.com/2012/02/01/house-republicans-order-j_n_1246971.html?ref=green&ir=Green

Exxon Mobil 2011 Profit: $41.1 Billion; Tax Rate About 17.6% (For 1/31/12)

Exxon Mobil's 2011 $41.1 billion profit was the largest of the five biggest oil companies. It recorded an estimated corporate tax rate of 17.6% from 2008-2010, lower than the 20.4% that the average American paid during the same time. It uses Carribean bank accounts as tax shelters and paid no federal income taxes on 2009 profits of $45.2 billion. From 2005 to 2010, job losses from the company's total workforce amounted to 11,200. Instead, it used its profits to enrich its executives, directors, and biggest investros with over $20 billion of stock buybacks in 2011. http://thinkprogress.org/green/2012/01/31/415242/exxonmobil-made-411-billion-in-2011-but-pays-estimated-176-percent-tax-rate/

Boehner: Lobbied for Keystone XL, Invests in Oil (for 1/24/12)

Speaker of the House John Boehner looks out for the desires of his biggest campaign donors, especially oil and gas companies, when he casts his votes on bills. Citizens United has highlighted this problem that exists in too many lawmakers in Washington, D.C. by now allowing unlimited spending by corporations in political campaigns. Boehner has also paid back oil and gas companies by investing in them. He pushed the Keystone XL Pipeline while holding investments of $10,000 to $50,000 each in seven companies involved in extracting oil from Canada's tar sands. When President Obama said TransCanada cannot yet build the pipeline, Boehner's spokesperson falsely accused Obama over the number of jobs lost on this denial. http://www.politicususa.com/en/john-boehner-keystone-xl