[bwilson4web]

http://www.reuters.com/article/2011/...25000920110506

INDIANAPOLIS, May 6 (Reuters) - President Barack Obama said on Friday that high gasoline prices are sapping the spending power of Americans, as he tried to limit political fallout by linking it to public hostility toward oil companies.

"We've got high gas prices that have been eating away at your paychecks and that is a headwind that we've got to confront," Obama told auto plant workers in remarks to promote his policies to wean Americans from dependency on foreign oil.
. . .

What is most amusing is the 'shock and horror' that follows:

. . .
Public anger over rising costs at the pump has put pressure on Obama to look for ways to provide quick relief for consumers as he seeks re-election in 2012.

Indiana is a presidential battleground state that Obama won narrowly in 2008. The White House said election politics played no role in its selection for a visit.

Opposition Republicans have sought to cast blame on the Democratic president for a surge in gas prices that is straining Americans' pocketbooks at a time of stubbornly high unemployment and sluggish economic recovery.
. . .

Stop the presses, hold on to your hat, a politician says something and it is political??? What next:

• Bright light rising in the east - Firesign theater
• "Gunny, here is an article about 'blind man can't see.'" - Sgt. Bob Wilson 1974 while scanning grocery store, scandal rag. I paid for my little joke later . . .

I appreciate that the President has stated the facts but the political nonsense that follows . . . well I guess we are headed to an election year. <sigh>

Bob Wilson

[bwilson4web]

Now Congress is following up:

http://www.boston.com/business/artic...on_tax_breaks/

. . .
Executives from the five biggest oil companies were asked about these tax breaks at a Senate finance committee meeting yesterday. Democrats accused the oil companies of not paying their share to help the country emerge from economic hard times. Republicans derided the hearing as a dog-and-pony show staged to score political points.

The industry executives said eliminating the tax breaks would reduce investment in the United States. Exxon Mobil chief executive Rex Tillerson said the proposal “would discourage future investment in energy projects in the United States and therefore undercut job creation and economic growth.’’ He said it would do nothing to reduce gas prices.
. . .

In one respect, I agree.

Gasoline prices have been too volatile and Enron set the model for energy scalping. In 2000, Enron all but bankrupted California by manufacturing energy shortages. It is naive to thing every energy company didn't 'take notes.' Personally, I think there are monopolistic practices going on.

Seeing the oil executives before Congress reminded me of the tobacco executives who a decade ago lied their asses off. Personally, I think it is time for investigation of monopolistic practices in this important sector. In the meanwhile, I'm motivated to head 'off grid.'

Bob Wilson