As the recent realization that petroleum costs might be gouged buy corporations to make huge profits, the American people are demanding something be done to control prices at the pump. President Bush and the GOP proposed a few plans, but is a far cry from a plan that will reasonably affect prices, especially in a long term.
The Republican plan calls for stopping shipments to the U.S. Strategic Petroleum Reserve and "follow suit on what we have been emphasizing, particularly through the energy bill, and that is to encourage conservation, to expand domestic production and to develop alternative sources of energy like ethanol,” bush said. Bush also plans on temporarily easing EPA clean air regulations to help “shortages.”
Meanwhile, Exxon Mobile, the world’s most profitable corporation recorded profits of $36.1 Billion in 2005 as well as giving executives huge salaries and retirement compensations worth hundreds of millions of dollars. I’m very curious of the reasons why republicans are blinded by this. They are putting on a show saying that “[we] won't want and will not accept is manipulation of the market” bush said.
Bush is also fooling the American people by saying "Record oil prices and large cash flows also mean that Congress has got to understand that these energy companies don't need unnecessary tax breaks like the write-offs.” Even though in 2005 Bush signed into affect the first energy legislation in decades. His act gave $14.5 Billion in tax breaks to big oil companies. Republicans claimed these tax breaks would spark research into alternative energy, new technology, and domestic sources of energy. Instead it just gave more money to the big oil, allowing them to make even larger profits.
I hope I’m not the only person that realizes the correlation between Bush and big business. For example in the 2004 presidential campaign the largest single contributors were major banks and financial services firms. Later, in a “coincidence” the first piece of major legislation happened to be the Bankruptcy Reform Act. This act controversially benefits firms during bankruptcy and gives firms more power to rape consumers with unfair financial practices. In addition to this one example, Bush almost always favors big businesses over the consumer and the common American; Lobbying for legislation that benefits big businesses by deregulation and by making it harder for Americans to succeed fairly. This comes in hand in no better example then the oil companies, as deregulation has lead to massive problems with price gouging and unfair practices by big oil.
Deregulation could be the single most dangerous thing republicans can achieve while in control of congress, for it takes years to undo. Just as deregulation in the 1980’s lead to corporations such as Enron taking advantage over the consumer, the current deregulation can lead to devastating affects on the working class.
What needs to be done to help the citizens of this nation is tough regulation of oil companies and stiff prosecution for unfair price gouging. Not ridiculous short term “solutions” such as opening the ANWR or easing up EPA regulation.
We might not be able to achieve the prices we are looking for this summer but hopefully when the Dems take back control of congress later early next year something can get done. Until then, I recommend taking the bus, riding a bike, or buying a Toyota Prius. I’ll keep on updating with more as the events unfold.
