Yeahh

Big Oil defends profits before irate senators

By H. JOSEF HEBERT,AP
Posted: 2008-05-21 16:45:06
WASHINGTON (AP) - On a day oil prices leaped to unheard-of highs, senators lined up Big Oil's biggest executives and pummeled them with complaints that they're pretending to be "hapless victims" while raking in record profits.

"Where is the corporate conscience?" Sen. Dick Durbin, D-Ill., asked the top executives of the five largest U.S. oil companies.

It's all about economics, came the reply. Supply and demand. The company leaders tried to shift attention from motorists' anger over $4-a-gallon gasoline to a debate over new areas for drilling.

But senators at the Judiciary Committee hearing weren't having any of that. They wanted to press the executives about public anguish over paying $60 or more to fill up a car's gas tank.

"People we represent are hurting, the companies you represent are profiting," Sen. Patrick Leahy, D-Vt., told the executives. He said there's a "disconnect" between legitimate supply issues and the oil and gasoline prices motorists are seeing.

The executives, sitting shoulder to shoulder in the hearing room, said they understood people were hurting, but they tried to blunt the emotion with economic analysis.

Profits have been huge "in absolute terms," conceded J. Stephen Simon, executive vice president of Exxon Mobil Corp., but they "must be viewed in the context of the massive scale of our industry." And high earnings "in the current up cycle" are needed for investments in the long term, including when profits will be down.

"'Current up cycle,' that's a nice term when people can't afford to go to work" because gasoline is costing so much, replied Leahy with sarcasm.

"The fundamental laws of supply and demand are at work," said John Hofmeister, chairman of Shell Oil Co., acknowledging it is something the oil industry has been saying for some time and that the explanation may sound "repetitive and uninteresting."

Hofmeister was joined by executives of Exxon Mobil Corp., Chevron Corp., BP America Inc. and ConocoPhilips Co. Together the five companies earned $36 billion during the first three months of this year.

As the executives sought to explain their profits and why prices are so high, the global oil markets were moving into new, uncharted highs, touching $133 a barrel for the first time. The national average price of a gallon of gasoline hit $3.80, with $4 showing up in more places.

The exchanges got personal, too.

Simon was asked what his total compensation was at Exxon, a company that made $40.6 billion last year. Simon replied it was $12.5 million.

John Lowe, executive vice president of ConocoPhillips Co., said he didn't recall his total compensations. So did Peter Robertson, vice chairman of Chevron Corp. Hofmeister said his was "about $2.2 million" but was not among the top five salaries at his company's international parent. Robert Malone, chairman of BP America Inc., put his "in excess of $2 million."

Sen. Arlen Specter, R-Pa., noting that Exxon's profits had nearly quadrupled from $11.5 billion in 2002, said he had heard nothing from the oilmen that would explain "why profits have gone up so high when the consumer is suffering so much."

The executives, appearing under oath, cited tight global supplies with scant spare production capacity and the fact that large areas of land and offshore waters remain offlimits to drilling. And they said they're worried Congress was talking of requiring the five companies to pay more taxes.

"I urge you to resist these punitive policies," said Hofmeister.

It was not what many senators wanted to hear.

You have "just a litany of complaints that you're all just hapless victims of a system," Sen. Dianne Feinstein, D-Calif., told the executives. "Yet you rack up record profits ... quarter after quarter after quarter."

One senator after another cited the pain that high energy prices are causing farmers, small businesses and people trying to find a way to afford a vacation trip this summer.

"Is there anybody here that has any concerns about what you're doing to this country with the prices that you're charging and the profits that you're taking?" Durbin asked.

The titans of America's oil industry sat quietly for a moment.

"Senator," replied Exxon's Simon, "We have a lot of concern about that. And we're doing all we can to put downward pressure on prices."

Copyright 2008 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.
05/21/08 16:43 EDT

I'd get your tanks filled now.

With the jump oil price and the forth coming holiday weekend, we could be looking at $5.00 per gallon gas this weekend.

Well, that didn't go as well as I hoped it would. The JADE LSG code in VB 6 is not translating very well to VB 2008. I'm faced with a difficult decision on completing JADE LSG 2.0 in VB 6 as is or do a complete rewrite of the code in VB 2008. The coding styles and methods are vastly different between the two versions of VB and it makes it just as long a task to completely rewrite the code in VB 2008 than it is to massage the VB 6 code to VB 2008. Either way, JADE LSG 2.0 will probably be Open Source for what ever version of VB I use.

a lasting impression is one of misdirection.

I ask that you do not believe in me, but know me.

Question and doubt everything I do, please.

Please prove me wrong; dear God please tell me I'm wrong.

I'm crying, spare them, please, I beg you.

I'm told these things must happen.

The Nation of Freedom is now in judgment and must face the Wrath.

I see the Great Earthquake, many men, women and children screaming and crying in horror.

Please Lord... silence...

Jehocifer.

A man born out of the Greed of Men is upon us.

He is born the King of Terror in the region Mlin Quisar.

The army of a Million invade the lands north by surprise.

Many followers already embedded seize control of the military.

Having shown it's power, the Vulcan moves to other lands.

The route along the subterranean subduction from where it began.

It makes it's power know to all near and far.

A Quaking and Rumbling in it's path; to be followed by the Great Earthquake in the Sea Tile.

The Storm of the Ages I do see drawing near.

The Great Nation consumed by Arrogance and Hierarchy is blind.

Soon after destruction rain, wind and hail, the Locust does sit before the Bountiful table.

The pestilence feeds while the citizens hunger.

Watch the markets very closely these next 5 to 10 weeks. These are the most crucial for not only the U.S. Economy, but the World Economy as well. Oil WILL Play the Ultimate factor in this period. I'm watching very close; you should, too.

The weakening Dollar and surge in Oil is an indication that our Country is under Economic Attack; both abroad and here at home. Something needs to be done NOW about this. One small slip and this Recession can Quickly turn into a Depression over night. Look for the signs that something Big is going to happen both natural and unnatural.

Those of you who hold dear the word of truth and knowledge must prepare.

WE have surpassed the point of equilibrium a million fold.

You must now rechannel your efforts to survival.

The arrogant and powerful are too drunk with the sins of 7 to change their minds.

Spread word among your family and friends, the ones you trust and love.

So says the Jehocifer.

The waning gibbous moon is in cool morning tranquility.

From southern regions the Omen Meteor makes its approach.

Those to watch change from awe to fear as debris makes orbit.

The Face of Luna forever changed, so too is the surface of Terrain.

Just got my VS 2008 Pro...  installing it now!!  Yee-Haw!!!

http://www.jsonline.com/watch/index.aspx?watch=1&date=5/1/2008

THURSDAY, May 1, 2008, 2:01 p.m.
By Darryl Enriquez

Illness shuts humane society canine area
The Humane Animal Welfare Society of Waukesha County suspended canine operations today due to an unknown illness that has killed seven dogs during the past 10 days.

Until further notice, the dog kennel will not accept new dogs or have visiting hours or adoptions. The disease is contagious to other dogs, causes high fevers and quick death, a HAWS official said.

It does not appear to present a danger to the human populations, executive director Lynn Olenik said.

Cats and other small animals are not affected.

"This illness has had a rapid onset, marked by a high fever, with the condition deteriorating very quickly in those dogs it affects."

People who need to surrender their dogs are being asked to wait if possible. For an owner who may need to immediately drop off their dog, the Elmbrook Humane Society at (262) 782-9261 and Washington County Humane Society at (262) 677-4388 have agreed to assist.

"As you can imagine, this is taking a huge toll on our staff and volunteers," Olenik said. "We are here to help, but it is extremely frustrating not yet knowing what we're dealing with."

"As we learn more about this illness and the actions needed, we will keep the public informed."

HAWS, a non-profit organization established in 1965, assists over 6,000 animals each year.

Answer, yes... and I'm working on it.

First, I'd like to say thank you Lucky for helping spark the idea for the JADE Pick 3 Pick 4 Selector program. After monitoring and thinking about the idea of followers, I had come across a mathematical operation that seem fairy plausible in extending your idea into a more dynamic and exacting method of finding what was to come next. So, hats off to you.

Second, I'd like thank the WI Lottery for implementing their computer picked numbers. If it were not for that and the lack of winning I was encountering, I might not have come across this new idea. If I was winning more often, I might of been just fat, dumb and happy with what I was getting and not even cared to look. You helped drive my desire and unending need to solve this problem. So, hats off to you, too.

I foresee a potential problem with Airline Contrails. There's possible environmental disaster brewing up above. Something to do with Storm magnitude and rainfall... near Hurricane like storms well within the land areas. Also, possible vegetation destruction, mostly with grass like plants similar to rice, wheat and corn. This in turn will also affect insects, birds and mamals.

I just ordered Visual Studio 2008 Professional. Should be here in a few days. Woo-Hoo.