Two in Congress want to Nationalize Oil Companies

by politisite | June 23, 2008 at 01:21 pm

1381 views | 26 Recommendations | 7 comments

Two in Congress want to Nationalize Oil Companies

By Albert N. Milliron, OP-ED

The latest talking points memo for the Democrats is to complain that the oil companies don't drill on all of the leased land that the government provided. Does the government really think that every acre of land they have leased to oil companies has oil? If that were the case, I am getting a well, right here in Columbia, South Carolina, to help increase the oil supply.

If oil were so simple to find, we would not be in this mess. So these two congress members think that if they were to take over the oil companies they would be able to fix the problem. Get real. What has been taken over by the government that worked?

The other talking point is that oil companies have wind fall profit margins. Yes oil is doing well but, what happened when oil was 8 dollars a barrel? These same oil companies had record losses. The oil companies had to absorb those losses for years. Additionally Oil companies after tax profit margins are much lower than democratic party supporters. For example Exxon Mobile has a profit Margin of 10.37%, Chevron 8.49%, and Conico-Phillips 5.86%.

What the Democrats throw at you is the total amount of money in profit and year over year profits. So you hear 56%, 75% , 6.1 Billion it all sound like they are raking in the bucks. If you invested a dollar, would you be happy getting a check for just over 10 cents after a year? You happy? It is all relative. Oil companies have large amounts of investment and return is based on that investment. How much money invested does it take to make 6.1 billion? how about 1 trillion dollars. Get the idea?

Now lets look at those Democratic party supporters I was talking about. Congress put out the following report when the democrats were complaining about prescription drug legislation. Pharm is one of the Biggest supporters of the Democratic Party and it's candidates

The Facts:

The Pharmaceutical Industry is the most profitable in the U.S. in terms of profit margin. The industry:

Makes $26.2 billion annually in profits.5

Has a profit margin of 28.7 percent, nearly three times higher than the profit margin of other manufacturers of branded consumer goods.6

Ranks #1 inprofits among all industries on all measures: return on revenues, assets, and equity.5

Now, here is the top industries that support the Democrats. Healthcare, Law firms, Securities, and Real Estate. Everyone of them has profit margins higher then the talking points term, "big oil".

Why do health care, Lawyers, securities, and real estate all support Democrats? What are some of our major problems in America today? Medication prices, Hospital prices, Securities fraud, real estate problems. Because they expect something in return like not doing tort reform, not touching the Pharms, and giving Senator Dodd and a few other Democrats nice deals on their mortgages.

So next time you go to the pump and scream at a Republican, remember that Democrats are supported by the highest profit groups in America.

Rep. Maurice Hinchey clearly knows little about how supply and demand works in free markets, but the New York Democrat gets high marks for candor on the basic assumption underlying his party’s approach to high gas prices: “We [the government] should own the refineries. Then we can control how much gets out into the market.” Hinchey’s comment should be viewed in the broader context of House Speaker Nancy Pelosi’s second-guessing of oil industry decisions about where to drill, and presumptive Democratic presidential nominee Barack Obama’s preference for a “more gradual” pace for spiraling gas prices. The Democrats’ fundamental policy is this: Washington politicians and bureaucrats should have the power to ration energy, set energy prices and regulate how energy is used … everywhere. It is a prescription for a vast new government intrusion into everyday American life.

Congresswoman threatens to nationalize oil industry

In a grilling of oil executives by a House panel yesterday, Rep. Maxine Waters, D-Calif., threatened to nationalize the industry if it didn't do something about the rising prices at the pump.

Maxine Waters Wants To Socialize Oil Companies

A California lawmaker who got a communist dictator to harbor a cop-murdering Black Panther fugitive and accused the CIA of selling crack cocaine in black neighborhoods has become the laughing stock of Congress for threatening to nationalize the oil industry.

California’s most influential black lawmaker, Democrat Representative Maxine Waters, made the threat during recent congressional hearings with oil company executives. She said the federal government would take over their industry if they failed to do something to stop the escalating price of gasoline.

Waters told the president of a major oil company to “guess what this liberal would be all about? This liberal would be all about socializing -- uh, uh, would be about basically taking over and the government running all of your companies.” One renowned commentator, who said Waters made an absolute total fool of herself, points out that the congresswoman’s associates can be heard laughing in the video of the embarrassing exchange.

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BigT

flagged this story as Good Stuff

at 14:52 on June 23rd, 2008

If only insanity were an energy supply - Ms. Waters has enough of it to power the world for the next millenium.

politisite

at 15:19 on June 23rd, 2008

Thanks BigT, your flag means a lot to me. I don't know how you do it out there with Diane, Boxer and, Maxine

Barry Artiste

flagged this story as Good Stuff

at 15:30 on June 23rd, 2008

politisite, I like this story. It's good stuff. Canada did this in the 1970's with the National Energy Program, developed PetroCanada bought and paid for by Canadians, then Alberta, which is our oil producing province got screwed out of their oil royalties which they saw head straight to government coffers. I think your oil producing states, may take issue with a National Program. Anyways long story short, it is a Bad, Bad, Bad Idea, especially for taxpayers who had it sold out from under them after paying billions into it, and getting nothing in return when it was sold.

Below is the story of a National Oil Program

http://en.wikipedia.org/wiki/Petro-Canada

politisite

at 16:04 on June 23rd, 2008

Thanks Barry. Alaska would be mad and Alaska Natives madder as they are the one state that shares it revenue with the citizens. I think it was about 1080.00 USD per person while I lived there