Hot Air as an Energy Alternative ?

Yesterday, the Senate Finance Committee , at the behest of Senate Democrats held a hearing to get the information out about oil companies in the United States. Specifically it concerned a Democratic proposal in the Senate to eliminate certain tax credits the oil industry receives. Among other things, we learned the following:

Oil company profit margins are about 6.2 % and are not in the top 100 ranked US companies. When Steve Jobs announced Apple’s 95 % increase in profits after a recent quarter, where were the protests from senators ? And when Google announced a 15 % increase in profits ?

Oil companies make about 2 cents per gallon of gasoline sold. The governments get an average of 45.9 cents per gallon of gasoline sold.

Chevron alone paid the government $86 million each day between 2005 and 2009 in taxes, royalties and fees, CEO Watson said.

Why don’t the Senators discuss the tax credits given to solar, wind, coal, and agribusinesses among others. No one could afford solar energy or an electric car without the subsidies applied to them. While solar has potential as a correlative souurce of energy it has several significant challenges–nightfall and clouds.

That since Congress mandated 24 % of the U.S corn crop along with other agriculural products go exclusively to ethanol, the price of food has risen dramatically.

Remember 10 years ago when Democrats said if we drilled in Anwar it would take 10 years to actually realize oil production. (Think about it.) One of the CEO’s said yesterday his company alone has over 400 leases in the state of Alaska.

And from Max Baucus (D), Finance Committee Chairman, “This is not going to change the price at the gas pump”. And he added, ” I grant you, we’ve got to develope an energy policy in this country.”
These words from the Committee Chairman whose party has controlled the Senate for 4 1/2 years and the Presidency for almost 2 1/2 years.

I would personally like to thank the Democrats in the Senate for having a hearing that allowed me to learn these things.