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Home > Oil Gas News > Sheeler Praises U.S. Senate for Probe Into Price Gouging by Oil Industry
Sheeler Praises U.S. Senate for Probe Into Price Gouging by Oil Industry
Oil Industry price fixing is similiar to the diamond industry except energy is a strategic commodity that impacts American lives in many ways. -- It’s not “limited refinery capacity”. If this were the case, the price would not have escalated or declined as rapidly as it did. The Oil Cartel has the ability to manipulate availability and distribution that impacts the price paid by consumers. -- Consumers, on average, are looking at paying about $1,000 per household more than they did just two years ago. I’m very anxious to hear what Bush and Cheney, who are friends of oil, have to say in the industry’s defense--
Providence, RI (PRWEB) November 11, 2005 -- Carl Sheeler, Rhode Island Democratic Candidate for U.S. Senate in 2006, praised the U.S. Senate’s Commerce Committee for its probe into possible price gouging by the oil industry that produced almost $26 billion in profits during the past three months ending in October 2005 alone. The oil companies have reported record profits for the third quarter while claiming to have limited refinery capabilities and increased the price of gas at the pump to over $3.00 per gallon in September and October of this year.
“The number one consumer of petroleum products is our military paid for by our tax dollars. Halliburton, Cheney’s old firm, is on it big time in Iraq, Saudi Arabia and New Orleans. When we eventually wean from the oil cartel’s teat availability and distribution will be impacted and prices will drop. But the $1.00 decline in six weeks due to the public’s outcry is worthy of our officials’ investigation for consumer gouging. By design, oil’s price has not returned to its former level just a couple of years ago. I wonder how our troops feel that the CEO of ExxonMobil is earning over 1,000 times more than they are while fighting and dying to protect Middle East oil.”
“It’s not “limited refinery capacity.” If this were the case, the price would not have escalated or declined as rapidly as it did. The Oil Cartel has the ability to manipulate availability and distribution that impacts the price paid by consumers.” Sheeler said, “Consumers, on average, are looking at paying about $1,000 per household more than they did just two years ago. I’m very anxious to hear what Bush and Cheney, who are friends of oil, have to say in the industry’s defense.”
Sheeler, who has made U.S. foreign and energy policies one of the cornerstones of his campaign platform supports the idea of reducing oil company subsidies, and assessing a windfall profit tax and penalties on companies found to have gouged Americans in order to aid less privileged consumers with the costs of home heating this winter. He said, “There are millions of Americans who have been hurt financially by this unpatriotic behavior. When the oil companies violate our domestic security for largesse, it makes an argument for nationalizing oil as a strategic asset.”
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