At the feeding trough

This is just so rich…  It is what is wrong with America encapsulated in one tiny story?

Remember those silly people wearing red and holding up signs that said “Drill, Baby, Drill”? Remember our local political candidate who stood up to argue we should be drilling oil on the beach at Rehohoth? Remember the huge push to open all environmentally sensitive areas in Alaska and off Florida immediately, so oil companies could scoop up rights?

We needed it desperately then… or so we were told… Not everyone agreed or course…

So what’s happening now? Courtesy of WDEL and CBS news, we see that oil companies aren’t drilling any more…

But despite making record profits, today, oil companies are drilling on less than one-third of the acreage in this country that they have the rights to.

The answer given by those who cannot be trusted? “The leases aren’t being used because there’s probably no oil there,” said Felmi, the chief economist with the American Petroleum Institute.

The true answer is different. A recent U.S. Government Accountability Office report suggests otherwise. Bottom line: oil companies only “develop leases when it is most profitable to do so.”

“There are clearly oil and gas resources that are undeveloped in some of the existing leases,” said Frank Rusco, with the GAO.

The Department of the Interior estimates 68 billion barrels of oil lie in areas already accessible to drilling in the Gulf of Mexico and Alaska. But today, nearly half of the existing rigs sit idle.

Yes, half of the EXISTING rigs sit idle…. Were we schmoozed? Obviously.

The oil industry, which made nearly a quarter of a trillion dollars in profits in the last two years, an all-time high, argues that its hands are tied to shareholders. Bullshit.

When Exxon-Mobil’s earnings last year were a staggering $45 billion – the largest corporate profit ever. and while Exxon is increasing its spending on oil production by $3 billion, it is pumping over 10 times that – $35 billion – back into its stock, shareholder dividends and cash reserves. At a time when America needs more energy, needs more oil, Exxon is raking in record profits and stashing away $35 billion.

Todays reality renders moments like the cheering at the Republican National Convention virtually meaningless – at least until Exxon decides the price is finely high enough to “drill baby, drill”..

Anyone who stood up to argue in Exxon’s favor last summer… can NEVER be trusted again….They are bought out. They are just too stupid and don’t belong in government….

They should remain at home, clutching forks and knives… to eat their bacon….