GOOD NEWS!
Yes, I just spent $71 filling my gas tank, but there is a silver lining...
ExxonMobil profits were up 69-percent in the first quarter of 2011, compared to the same period last year.
And they won't have to pay one dime in Federal IncomeTaxes on that profit, thanks to tax credits that were supposed to encourage new domestic exploration.
Here is a reality check for the "Drill here, drill now -- drill baby drill" folks. The oil companies are NOT going to drill here, at any time, unless oil prices stay well over $100 a barrel. Period!
I have said this before, and it falls on deaf ears. My father is a retired President and COO of one of the top five oil companies in the world. OIL COMPANIES BUY LOW, AND SELL HIGH. That is the nature of free markets. That is what publicly traded corporations MUST do to survive and prosper.
The easy, and cheap, oil in the USA is GONE! Unless oil prices STAY high, drilling for oil in the US is a money loser. It is cheaper to buy it from the Saudis -- or other countries that sponsor terrorism.
Americans have a right to buy and own big, gas-guzzling trucks and SUVs, we do not have a right to cheap fuel for them.
So, drive what you want to drive, but if you drive a Suburban, don't let me hear you complain about the price of gasoline. In fact, if it weren't for your gas guzzler increasing demand, everyone else might be paying less for the gasoline they put in their sensible car.
Okay, I'm putting my socialist approved flame suit on.
CD