Did they ask the question?

[judy]

I gather that there were hearings in the past few days with big oil company executives testifying before Congress...
I heard bits and pieces on the radio, and I heard questions pertaining to the price of a barrel of oil. Why is it so high? asked the Committee...Mr. Shell, and Mr. Chevron etc. had various answers. It is the demand...it is the rising costs of this and that...speculation...bla, bla and bla.

But tell me, did they ask questions not about the barrel of crude, but about the HUGE PROFITS. Mr. Shell, if the barrel of crude costs more, and if refining costs have gone up, how come your profit this year is higher than any profit of any company since the beginning of time????

The logical equation is costs go up, price goes up to cover the cost, and the profit remains the same...How can it be that costs go up, price goes up, and profit shoots up into the stratosphere?????Will you tell us Mr.Shell?

Did anyone ask that question?
Does anyone at DU know if anyone in the committee asked that question?

[shraby]

1. Their reason was that they had to make a profit

in the up-turn to cover the downturns..which as far as I can see, there are no downturns for them because the still make a hefty profit no matter what.

[AndyA]

2. Yes, that's the question I'd like asked as well.

To sustain their profits, oil consumption would have had to increase by a corresponding amount, which it has not. So, how can profits quadruple in less than a decade when they're just passing on the costs, and consumption hasn't increased a corresponding amount?

Congress continues to be ineffective. I don't know why they think they're relevant anymore. They've let Bushco go almost without a second glance, the oil companies are ripping us off, and they think they've justified their salaries and benefits.

Throw the bums out - all of them - and get new one who will do what the PEOPLE want them to do (for a change)!