Congress Asks Why Gas Is So Expensive

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The big question: How are oil companies making record profits while Americans can hardly afford to fill their tanks? Hear what both lawmakers and oil company executives have to say.
Published: Tue, April 01, 2008 - 3:57 pm
Last Updated: Tue, April 01, 2008 - 4:03 pm
Lawmakers had a lot of questions for oil company executives today.
They want answers to why the industry's profits are at record highs, and yet the cost of gasoline is flying high for most American consumers.
Oil is, on average, over $100 a barrel and hit $112 on Monday.
Representative Edward Markley of Massachusetts says oil companies have explaining to do.
ExxonMobil senior Vice President J. Stephen Simon says that his company has to "maintain a high profit margin to support programs even during years of less profit."

As for Shell Oil, executive John Hoffmeister says that his company will devout millions of dollars to find ways to produce more energy.

Oil executives say the United States should consider finding places in our own country to drill for petroleum. Many say it is difficult for the U.S. to ask OPEC nations to increase production when we won't do the same thing. Some executives say that the United States should find it's own oil reserves to cutback on our dependence of foreign oil from the Middle East and South America.

Hear lawmaker first, then from oil company executives by click on the video button to the right of this story.

at the rate gas is climbing it will go to 6 dollars a gallon easy but summer

Posted by rosepetal on 04/29/08 - 1:33 pm • Report Abuse.   

O Yea, I forgot one.

Do I hear $5.00 a gallon?

I think so.

Why is gas so expensive???

http://planetapex.blogspot.com/2007/06/pictures-palm-tree-shaped-worlds.html

Posted by working4u on 04/29/08 - 12:33 pm • Report Abuse.   

http://www.skidxb.com/English/facts_eng.htm?mid=1&sid=2

Lets go snow ski in the desert.

Whats 140 degrees? American good to me. Opec very very good to me.

Posted by working4u on 04/29/08 - 10:17 am • Report Abuse.   

There isn’t going to be a silver bullet to kill the oil monster! There are a number of options available,which rationing is one, that could bring the escalating price of oil down if only we had leaders with testes big enough to implement them. Any one taking on the oil industry and speculators would have to be willing to sacrifice their political future and possibly their personal life and money because sooner or later they would be villafied and his or her reputation would be smeared. When your talking BILLIONS of dollars being taken from these people nothing is taken off the table by them,to stop their losses. There are good people in both parties and bad.I usually vote for the person and their past record not the party. We have to pick out the good ones and get rid of the bad ones some how.

Posted by carl on 04/29/08 - 8:30 am • Report Abuse.   

mremann83-The sad part about Goverment is that Americans are electing unqualified representatives to Congress and other offices because of what the candidates say and not for what he/she is able to do.

Every potential candidate, Republican or Democrat suggest an alternative fuel source. Which Candidate had a sure solution? None. Now the issue is open and the media starts pointing a finger at every speculation it can create. Americans start believing what they see and hear from these media outlets.

No American, rather in the media or not, want to hear the word Ration.

Americans do not want to Ration fuel. The Goverment does not want to open reserves.

Posted by working4u on 04/29/08 - 7:42 am • Report Abuse.   

liberal democrats are socialist and at the rate gas is climbing look for 5 to 6 dollars a gallon the peak driving season hasnt even started yet

Posted by rosepetal on 04/28/08 - 5:20 pm • Report Abuse.   

WOrking4u, dont you also believe that the Gov’t loves the uneducated public? They are getting away with just about everything they possibly can and all we are doing is sitting back allowing it to happen. Down, Down, Down we go. Its sad. Uneducation=more dependence=control.

Posted by mremann83 on 04/28/08 - 5:18 pm • Report Abuse.   

I looked up TAPS(trans Alaska pipe system) and was astonished at the amount of oil coming down that pipe line.Over 15 billion barrels of oil as of march of this year since start up in1977.The estimate of percentage of our total use from it ranged from 6% to 17%.When president Clinton OKed the export of crude to CHINA,JAPAN,and I believe KOREA,the FTC caught BP and AMOCO selling this oil to these countries at a price lower than what our American refineries could buy it for.

Posted by carl on 04/28/08 - 4:21 pm • Report Abuse.   

As long as Americans continue to get less educated and more informed by the media they will continue to vote for Liberal Democrats.

We have had a banner economy over the last 8 years. The Wars have indeed stimulated the US economy. To think otherwise is an A-1 example of how uneducated most Americans are becoming about their Country.

The media loves this uneducated public. It boost ratings, creates controversy and allows for choas. This creates stories and that creates advertising dollars collected to make budgets.
Media is in buisness to make money and that is all.

Democrats have proved that they can bring a country down.

Go ahead and vote in a Democrat as President. Expect what you got when the Demos took over congress. Nothing but problems.

I WILL THEN TELL FOLKS AS THEY CRY LIKE BABYS.
I TOLD YOU SO>BOO HOO GAS IS OVER $3.50 A GALLON.

Blame it on yourself, you voted the Democrats in office.

Posted by working4u on 04/28/08 - 4:08 pm • Report Abuse.   

Canada, the largest source of imported oil for the United States, has historically sent almost all its exports of oil south by pipeline to help quench America’s thirst for energy. But that arrangement may be about to change as China, which has surpassed Japan as the second-largest market for oil, flexes its muscle in attempts to secure oil, even in places like the cold boreal forests of northern Alberta, where the oil has to be sucked out of the sticky, sandy soil.

Does the U.S. export oil? Surprisingly, yes - but the amount is trivial, about 20,000 barrels per day vs. our 10,000,000 and more b/d imports. All exported crude goes to Canada, where it is likely refined and sent back as gasoline

Posted by rosepetal on 04/28/08 - 1:59 pm • Report Abuse.   

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