Senate Leader Frist orders oil price probe,hearing

[sabra]

http://www.alertnet.org/thenews/newsdesk/WBT004142.htm

Senate Leader Frist orders oil price probe,hearing


WASHINGTON, Oct 27 (Reuters) - Senate Majority Leader Bill Frist on Thursday ordered a Senate hearing with testimony from major oil company executives on why energy prices are high.

"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.

The Senate leader also asked the chamber's permanent subcommittee on investigations to launch an inquiry into energy price profiteering. "And ultimately, if the facts warrant it, I will support a federal anti-price gouging law," he said.

[swag]

1. He must be cheesed that the energy sector is outperforming health care.

[LoKnLoD]

2. Yeah

I bet this goes somewhere. :sarcasm:

[marmar]

3. Cause as we know, Bill Frist hates corruption and impropriety...

What's next, Trent Lott demanding a probe into racial inequity on the Mississippi State Police force?

[central scrutinizer]

4. sounds like a description of HCA

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.

[underpants]

5. You'd think that all he needs is a videotape

maybe a video of an oil refinery maybe some stock shots of guys in hard hats throw in shot of the Condoleeza Rice out at sea with the sun setting behind it (copter shot along the port side) cut to guys in suits hard at work over a conference table....

that sort of thing.

[rkc3]

6. A free enterprise market should not be subject to these investigations.

We should thank our lucky stars the oil companies don't charge us for the value of their products. We'd be paying $10 a gallon for gas (or more) - we can't do anything about it.

Most of our cities are lacking any decent public transportation. There is no government funding to support development of new technologies or the use of renewable resources or tax breaks to incentivize the use of existing technologies.

This administration's decision to leave development of these technologies to entreprenuers is insulting - we need an Apollo moon launch type program from the government to get this jumpstarted.

Be prepared to have a large amount of smoke blown up your ass when the report comes out.

[UpInArms]

7. here's a probe for Frist the Cat Killer

[bahrbearian]

8. He must be Pissed, that Rove outed him to the SEC.

[cassiepriam]

32. You think Rove did it? I was wondering.

[TheCowsCameHome]

9. He can diagnose the situation from his living room, like Schiavo

[Metta]

10. What's up with him? They're his base.

nt.

[olddad56]

11. He wants to know why energy prices are high? He is dummer than I thought.

[watrwefitinfor]

12. I'm sure this committe will get right to the bottom of it.

:sarcasm:

Now all we need is for a congressman backed by big oil to open hearings about exorbitant hospital & hmo pricing and gouging. :rofl:

Wat

[A Simple Game]

14. That would be something wouldn't it. n/t

[ck4829]

13. Quick! Wag the Oil Company!

[Jose Diablo]

15. I think there should be price gouging probe of Health Care industry

With Frist as the target, pedaling legislative influence to benefit the Pharma's and the giant hospital chains and their associated 'contractors' to the consumers detriment.

Edit: Pot, meet kettle.

[Bob3]

16. I'll take it - even if it is a cheap stunt

designed to take the pressure off. Hauling these guys infront of the lights and having them explain just how many billions of dollars they are earning this year and how many the government is giving them is worth the price of admission.

It won't be the first time something like this happened.

[stevedeshazer]

17. Haw haw!

How convenient!

[Hong Kong Cavalier]

18. I see Frist saw the latest polls for his party

He knows that the GOP's time will be up in 2006 if things keep going the way they are. (barring any vote "tweaking" they'll do)

[UpInArms]

19. Republicans in Congress vent as oil profits soar (late to the party?)

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-10-27T211538Z_01_N27473176_RTRIDST_0_ENERGY-CONGRESS-WRAPUP.XML

WASHINGTON, Oct 27 (Reuters) - Republicans responded to high energy prices and increasingly angry consumers on Thursday by threatening to slap new controls on cash-flush oil companies, just months after Congress passed an energy law loaded with billions of dollars in industry incentives.

On a day in which Exxon Mobil (XOM.N: Quote, Profile, Research) posted a record $9.9 billion quarterly profit, Senate Majority Leader Bill Frist asked top oil executives to testify in the future at a hearing about why prices are high.

Crude oil, retail gasoline and natural gas prices have all hit records recently and any company profiteering at the expense of consumers "ought to be ashamed," Frist said. He also asked the Senate's permanent subcommittee on investigations to launch an inquiry into energy prices.

<snip>

Republicans in Congress, who three months ago pushed through billions of dollars in industry incentives in a broad energy law, now fear a voter backlash as record-high winter heating bills begin arriving in consumers' mailboxes.

Senate Democrats on Wednesday blocked a Republican plan to offer incentives to help companies expand or build new refineries. Democrats said companies, not the federal government, should pay for projects themselves.

...more...

[triguy46]

20. "I'm shocked!!! Shocked I tell you!" n/t

[sabbat hunter]

22. not surprised

2006 is just a couple months away, with it running for reelection.

[Daphne08]

21. They're just now noticing? Give me a break! n/t

[Gronk Groks]

23. $9.9 billion should build alot of refineries...

...and that is just one QUARTER !!!! That is just one company !!!
So tell me again, why do they need help building refineries ???

[maximovich]

24. These Pricks are Fronting

They are aware that figures on oil profits are hitting the public, so now they make it look as if they had nothing to do with it.

REPUBLICANS are FRAUDS!

[kurth]

25. It's all for show

The oil execs will come and testify, their economists will testify and show charts, the GOP congress critters will feign surprise, sympathy, and outrage, and everybody will blame China, the hurricanes, and the environmentalists.

And then NOTHING will happen. Until November 2006.

[madmark]

27. How can a republicans have any problem with oil co profits?

That's like being mad at a wolf for killing a fawn to eat. That's what wolves do/That's what oil co.'s do. Are the republicans mad that they just gave the oil co's a bunch of pork with the energy bill and now they are looking bad in the eyes of the voters as a result given the record oil co profits? That may be it. Note to republicans, if you really believe in the free markets don't dole out the pork.

[jwirr]

26. The repubs and those who voted for them are absolutely

idiots! Everyone knows that if you put the fox in charge of the hen house, the fox gets fatter and the hens disappear. bushie and that excuse for a vp are all oil men. What did those upset repubs expect?

[ninkasi]

28. He doesn't care about Americans suffering from the high prices

He's only afraid of voter backlash. When it looks like they might pay a political price, conservatives get very concerned, don't they? Not because of the pain we're feeling, but that they might have to feel pain at the polls.

[sam sarrha]

29. hollow statement.. he will support knowing full well it wont pass..

[radfringe]

30. prices should start dropping like a rock

have you noticed they do that everytime an investigation is announced?

considering it's a repug controlled government - I don't expect much to come out of the investigation. It's "show time" folks, lots of blather, photo ops of "concerned faces" and then nada

[cassiepriam]

33. Should help Bush, people care more about this than anything else.

Who cares about an illegal war, deaths, torture, treason. Just keep the gas prices low.

[cassiepriam]

31. Hey these guys need the money. It's not cheap to buy a presidency.

[Orsino]

34. Distraction!

A blind chimpanzee could figure out why the price for a finite resource keeps going up. Phony hearings with no teeth might sound good, but let's not count on Frist to lift a finger against industry.

A probe to discover how many petrodollars find their way to him would be more enlightening.

[Lochloosa]

35. Frist to Probe.....

you can finish this one

:rofl: :rofl: :rofl: :rofl:

[Brooklyn Michael]

36. "A tale told by an idiot....

...full of sound and fury, signifying nothing."

Key points:

"If there are those who abuse the free enterprise system......they ought to be exposed, and they ought to be ashamed," Ummm...how about they ought to be punished?

"And ultimately, if the facts warrant it, I will support a federal anti-price gouging law," Call it a hunch, but I'm guessing he'll find the facts don't warrant it.

Frist: Thank you all for coming here today, my mast...er...gentlemen.

Oil Co. Execs: (grumble)

Frist: Let's get right down to brass tacks, shall we? The American people want to know why you let energy prices get so high! And may I remind you, you're under oath!

OCE: (snicker)

Frist: ....uh, sorry...so...?

OCE: Because we can.

Frist: ............Ummm....ok. Well then, why can you?

OCE: Because we don't have the refineries built to process more oil to keep the market properly supplied.

Frist: (beginning to sweat)...I see...well of course. And, um, why is that?

OCE: Because we shut a large number of them down in the 90's.

Frist: You did?

OCE: Yes.

Frist: But why?

OCE: Because we could.

Frist: I seeee....

OCE: .........

Frist: (shifting uncomfortably in his chair) Well....I understand you could do that. They're YOUR refineries, after all...but why would you want to?

OCE: Because our profits weren't high enough.

Frist: But you WERE making profits?

OCE: (loud laughter)

Frist: ....ummm?

OCE: Yes. We were making profits.

Frist: But you thought you could make more.

OCE: Yes.

Frist: I seeeee....So you shut down your own refineries so you could inflate energy prices so you could make MORE profits?

OCE: Yes.

Frist: I seeeeeeee....

Sen. Levin (D): I'd like to ask a few questions....

Frist: (banging his gavel 40-50 times)

Levin: Is that necessary?

Frist: Carl, is it illegal to practice capitalism?

Levin: Huh? What does that have to do wi...

Frist: (banging his gavel) When you get a majority, you can ask the questions.

Levin: @$$#*!%

Frist: I'll handle this, Carl....(to the OCE) Look, the American people put me here in this office to look out for their better interests, and...

OCE: The American People?

Frist: Yes.

OCE: Put you there....in office.

Frist: Yes?

OCE: .........

Frist: ......................

Levin: Oh, for the love of...!

Frist: Well, I think that about wraps up this committee's questioning. Since it's not illegal to charge what the markets will bear, I can see no reason why any federal regulation is needed in this situation. Thank you, my overlor...er...gentlemen...for your time today.

Levin: Mother-#$%^&*@!

OCE: Is that all?

Frist: Uh...yes?

OCE: Are you sure?

Frist: .........Ummm...federal subsidy, anyone?

OCE: That's better.