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POLITICS: Bill Frist Orders Oil Price Probe

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posted on Oct, 27 2005 @ 03:50 PM
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Senate Majority Leader Bill First opened a senate probe into the high oil prices that continue to grow. Even though the prices have relaxed recently, many can't help but think that the oil companies are gouging. Bill First will ask the oil big wigs what the deal is?
 



today.reuters.com
WASHINGTON (Reuters) - Amid record-high earnings from oil companies, Senate Majority Leader Bill Frist on Thursday ordered a Senate hearing with testimony from major oil company executives on why energy prices are high.

The unexpected announcement by the chamber's top Republican showed the growing political pressure as American consumers brace for higher winter heating costs at the same time energy companies are reporting fat profits.

"If there are those who abuse the free enterprise system to advantage themselves and their businesses at the expense of all Americans, they ought to be exposed, and they ought to be ashamed," Frist said in a statement.
...



Please visit the link provided for the complete story.


I can't help but think this will end in nothing but a whole lot of hot air. The probe will end and prices won't budge, the companies will continue to carry on buisness as usuall. I can just hear it now; "Well we looked into it, and the reasons for the increaces are all reasonable and there is no hanky panky going on.



[edit on 27-10-2005 by Halfofone]

[edit on 27-10-2005 by Halfofone]




posted on Oct, 27 2005 @ 04:00 PM
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I hope he really moves heaven and earth on this one. And to think that every day these oil companies boast about how rich they are getting.
Nothing like rubbing it in.
Something has to be done NOW.



posted on Oct, 27 2005 @ 04:20 PM
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You said it, However.
I'm not optimistic about it, but it's something at least. It's all about profit, and nothing will change, it never has. Seems like a formality so they can claim that they did something about it.



posted on Oct, 27 2005 @ 06:18 PM
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Well I hope he is for real but with the smear on his persona from been a lobbyist senator for the health care system I wonder how much he will care.


He is just probably trying to stop the growing resentment of the American people and the outrage of the record profits after been gouged at the pump.



posted on Oct, 27 2005 @ 06:30 PM
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More pathetic posturing trying anything to force the focus onto anything other than the brewing investigations, trials and possible impeachments.

The oil co.s are in such cahoots with the WH that I can see prices coming down a little more for a little while just to get the heat off; then 3.00 a gal for the Christmas travel season. Happy Holidays!



[edit on 27-10-2005 by whaaa]



posted on Oct, 27 2005 @ 06:32 PM
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That could be true Whaa but then remember that is been a warning that heating oil will be up by 30 percent during the winter, so I wonder also.



posted on Oct, 28 2005 @ 07:23 AM
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Take away from the current news? Is that possible? Distractions? In this case let them distract. I will have to worry all winter, not just for ourselves but for my kids. Do you know what its like if you set your thermostat on 70 in New England? Its cold, very cold. Set it at 80 and you'll be plenty warm just before the bank reposesses your home for lack of payment, and you go hungry just to stay warm.
I dont mind distractions and circus atmospheres- Its what we've had for a long time, i dare say, even before Bush.



posted on Oct, 28 2005 @ 07:59 AM
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On the one hand, these companies are having record profits this year, and yet they are saying that they've had to raise the price of gas at the pump just to keep up with the price of barrels of oil that they buy, which doesn't seem to jive.

On the other hand, they're a business, they're under no moral legal or ethical obligation to not rake in giant profits.


The confusing issue is how they are able to make more profit than ever before when they are saying that the price increases are resulting from the increase of the oil material that they have to buy. Is there somethign about the way in which the oil market is set up that you can increase the price of the materials used to make the product, such that prices for that product have to increase far beyond what would be necessary to cover it? IE, market manipulation??



posted on Oct, 28 2005 @ 08:24 AM
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The problem Nydgan is like you said market manipulation, we all know who the big oil barons come from and from where they rule.

Is not surprised when you have a government in the US that have no will to regulate or control what the big daddies in the business are doing to the American people.

Because they are the government.


Propaganda is the tool of the trade this days to keep the American public away from the real issues.



posted on Oct, 28 2005 @ 08:28 AM
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I can remember a time when big oil showed some RESPECT for it's employees.

The top industries supporting Bill Frist are:

1 Health Professionals $255,107
2 Securities & Investment $134,350
3 Pharmaceuticals/Health Products $123,957
4 Lawyers/Law Firms $123,927
5 Hospitals/Nursing Homes $116,200
6 Retired $105,685
7 Insurance $94,671
8 Real Estate $90,550
9 Air Transport $84,375
10 Automotive $61,200
11 Commercial Banks $59,700
12 Lobbyists $59,426
13 TV/Movies/Music $59,050
14 Computers/Internet $58,890
15 General Contractors $54,800
16 Misc Manufacturing & Distributing $54,450
17 Misc Finance $53,550
18 Accountants $52,700
19 Oil & Gas $52,500
20 Pro-Israel $50,800

#19? Come on...

Hollywood supports Bill Frist more than big oil. Does Hollywood get to drill in Alaskan Wildlife Refuges? I don't think so.

My hope is for a long costly investigation on my dime that ends up accomplishing three things:

1) Clearing big oil of any wrong doing,
2) Satiating my concerns that our government is complicit, and
3) Moving Big Oil into the top 5 contributors of Bill Frist

Let this be a warning shot to you too Misc Finance, accountants and Israel. Bill Frist wants to see some Nursing Home kind of money by 2006. Or you're getting probed (and possibly reformed).

Healthcare? You're fine. Best in the world. A bargain actually. No problems there. Securities and Investments? What can I say? We'll try to give you social security again when we come out of this tail spin. Pharmcos...! Who loves ya pharmcos? Consider Canadian imports to sleep with the fishes. Corporate lawyers? Tell McDonald's they can't be sued anymore. It's the law.

Big Oil, I got my eye on you! I know where you live! I know where you golf!

[edit on 28-10-2005 by RANT]



posted on Oct, 28 2005 @ 10:54 AM
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This is just something a senator will do in order to boost his image like 'hey look at me I am concerned about energy prices'. Nothing from this probe, the OP stated, will budge the price of energy. This is like Hillary Clinton's probe into violent video games. Waste of money for a sleazy political campaign.

WHile oil and energy are tied, the article states the probe is intended for energy prices not oil prices, even then it should be self evident why: oil prices are high and we know why as well. So the title is a bit misleading.

The issue here is oil scares caused by peak oil, war and terrorism. The price of oil when it was over $60 meant it had nearly tripled since 9/11. It has also gone up significantly since the war in Iraq was rumored about. Now that did not take a million+ dollar senate report to figure out.

[edit on 28-10-2005 by Frosty]



posted on Oct, 28 2005 @ 03:42 PM
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Originally posted by marg6043
or control what the big daddies in the business are doing to the American people.

What do you mean 'doing to the people'? They are profiting off of them, there is nothing immoral or illegal about that.

My confusion on this is that it seemed to me that, beacause there were disruptions in the oil supply, and because of speculation within the market, that price-at-the-pump was going to have to go up, to offset these other increases, meaning that there shouldn't be any real change in profits. But now we hear record profits.

So that means that the price of gas-at-the-pump wasn't covering the high costs of raw barrels of oil that they'd turn into gas, no?


Again tho, it sucks, but I don't think one can say its illegal.



posted on Oct, 28 2005 @ 04:06 PM
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Originally posted by NygdanSo that means that the price of gas-at-the-pump wasn't covering the high costs of raw barrels of oil that they'd turn into gas, no?


Exactically, it was just ensureing that profits continue to rise.

I'm not versed in ethics but I'm sure price gougeing isn't ethical.



posted on Oct, 28 2005 @ 11:07 PM
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*running Norton Anti-Republican as we speak*

To: Person who complained to me once a long time ago


There was a lot of activity in Washington, DC this week, both on and off the Senate floor. One critical story that I fear may have been a bit overlooked in the shuffle was the passing of one America's legendary heroes, Mrs. Rosa Parks. [blah, blah, blah]

Also, yesterday I called on Energy and Natural Resources Committee Chairman Pete Domenici (R-NM) and Commerce, Science, and Transportation Committee Chairman Ted Stevens (R-AK) to hold a joint hearing to examine reasons for high energy prices. I know that energy prices are a major issue on the minds of all Americans, and we must examine why at the same time oil companies are posting record profits, Americans are paying more than ever to fill up their cars and heat their homes. These hearings are an important step in protecting consumers and our economy from high energy prices. [Look, I did sumin good! Sort of.]

Elsewhere this week, the Senate continued preparations to consider next week's deficit reduction package. [Nothing big, just domestic stuff you count on]

As I'm sure you read or saw on the news this week, Harriet Miers asked the president to withdraw her nomination to the Supreme Court. [Who? The news? Miers? Huh?]

Lastly, I'm proud this week to have joined with Senator Alexander to honor the 80th anniversary of the Grand Ole Opry. [Finally, something IMPORTANT!]

Have a good week, I'll be in touch.

Bill Frist
Senator_Frist@frist.senate.gov


My open response.

Have a nice weekend. I hope you choke.


[edit on 28-10-2005 by RANT]



posted on Oct, 28 2005 @ 11:29 PM
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I run Norton Anti-Republican all the time.



So a lot of you are saying that its ok for the oil companies to gouge our eyes out. Its their right. Pffft, like we have alternative ways to get our gas.



posted on Oct, 29 2005 @ 10:29 AM
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Rant... its obvious what Frist is doing. He is trying to make Oil #1 with a bullet


It is the federal government that has allowed these companies to merge one after another to basically eliminate competition. I don't for a minute think they really care how much money the oil industry makes or how badly we get it at the pump. This is all smoke & mirrors. My 2 cents.



posted on Oct, 29 2005 @ 11:51 AM
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can we take back some of that money that was given to them in that bloated energy bill now, please??? obviously, they don't need it as much as our federal and state governments do, they're all running in the red and will probably not see blact again for a long time!

as far as frist's motives....I think it's just an example of a republican scrambling because of the mess other republicans have made, and well, election time around the corner!



posted on Oct, 29 2005 @ 01:17 PM
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Originally posted by dgtempe
I run Norton Anti-Republican all the time.








So a lot of you are saying that its ok for the oil companies to gouge our eyes out. Its their right. Pffft, like we have alternative ways to get our gas.


Seems to me like they're looting and sacking a burning city - grabbing everything they can before it crashes.



posted on Oct, 29 2005 @ 01:58 PM
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Think of it like this:

United States Goverment says; "you must lower prices".
Oil Companies go; "No."
United States; "Please?"
OC: "Nah, we'll sell to someone else. People are always needing oil. We own it, you don't. God bless capitalism."
U.S:"O.K. we'll pay how much you want."

The end of the investigation.



posted on Oct, 30 2005 @ 10:49 AM
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I live in Colorado and around here gas averages $2.55 (this week) but diesel is $3.19 and rising!!!!! ($3.29 spotted this morning on the way to work)

I really cannot figure WHY it is 69+ cents more (here) when it is the LEAST of the processed fuels! It would normally run 5-15 cents cheaper than the cheap gas- that is almost a full dollar a gallon inflated!!!! This is really going to end up hurting everyone when the prices reach the market place- 'big rigs' run on diesel. I have a diesel F-350 (almost a big rig but I live in rural community, tow a HUGE trailer often, and it is necessary). I have to drive this truck when the motorcycle is not able to be driven (snow season) and it is costing WELL OVER a C note everytime I top off.

Conspiracy I tell you!




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