{"id":1623,"date":"2005-09-05T11:41:32","date_gmt":"2005-09-05T18:41:32","guid":{"rendered":"http:\/\/www.edgewiseblog.com\/mjh\/uncategorized\/oil\/"},"modified":"2005-09-05T11:41:32","modified_gmt":"2005-09-05T18:41:32","slug":"oil","status":"publish","type":"post","link":"https:\/\/www.edgewiseblog.com\/mjh\/nada\/dump-duhbya\/oil\/","title":{"rendered":"oil"},"content":{"rendered":"

news > Mondo Washington by James Ridgeway” href=”http:\/\/www.villagevoice.com\/news\/0536,ridgewaycolu,67514,2.html”>village voice > news > Mondo Washington by James Ridgeway<\/a><\/p>\n

Meanwhile, the high gas prices are adding to the profits of the big companies. Says the watchdog group Public Citizen: <\/p>\n

“Since George Bush became president in 2001, the top five oil companies [selling gas] in the United States have recorded profits<\/em> of $254 billion<\/strong>: ExxonMobil: $89 billion, Shell: $60.7 billion, BP: $53 billion, ChevronTexaco: $31 billion, ConocoPhillips: $20 billion.” <\/p>\n

The group adds: <\/p>\n

“As Americans shell out more dollars at the pump, the profit margin by U.S. oil refiners has shot up 79% from 1999 (the year Exxon and Mobil merged) to 2004.”<\/p>\n

Bush refuses to increase the energy efficiency standards for motor vehicles, which use 70 percent of total oil production<\/strong>, and he recently signed the energy bill that hands out billions in new subsidies to the industry. Even he seems to recognize what a shuck this is: In April, with prices moving ever higher and the Congress debating the energy bill, Bush said, “With $55 oil, we don’t need incentives to oil and gas companies.”<\/p>\n

But this summer, Congress, with the president’s enthusiastic support, adopted a series of new subsidies for the oil and gas industry. “Officially, the energy bill’s giveaways are supposed to cost $14.6 billion over the next 10 years, offset in part by $3.1 billion in higher gasoline taxes on consumers,” says Robert S. McIntyre of Citizens for Tax Justice. “But that doesn’t include the bill’s $70 billion in authorized but unfunded subsidies, for which cash will have to be appropriated later.”<\/p>\n","protected":false},"excerpt":{"rendered":"

news > Mondo Washington by James Ridgeway” href=”http:\/\/www.villagevoice.com\/news\/0536,ridgewaycolu,67514,2.html”>village voice > news > Mondo Washington by James Ridgeway Meanwhile, the high gas prices are adding to the profits of the big companies. Says the watchdog group Public Citizen: “Since George Bush became president in 2001, the top five oil companies [selling gas] in the United States … Continue reading oil<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-1623","post","type-post","status-publish","format-standard","hentry","category-dump-duhbya"],"_links":{"self":[{"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/posts\/1623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/comments?post=1623"}],"version-history":[{"count":0,"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/posts\/1623\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/media?parent=1623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/categories?post=1623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.edgewiseblog.com\/mjh\/wp-json\/wp\/v2\/tags?post=1623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}