On April 1, 2008 oil execs were called in front of Congress and drilled regarding oil prices.
The oil heads reminded us that the US is dependent on foreign oil. Things would be different if we drilled our own resources. The foreign market sets the price of crude. They made it sound like foreign countries and companies hold monopolies and our hands are tied. They called for permission to drill US oil.
May 21, 2008 five execs of oil companies sat before Congress. They were condemned for their salaries. Three of the five said their compensation was public record. The other two said their personal compensations were not the top amounts in their companies and were not public record.
They were harassed about their salary amounts and the audience laughed.
These men answer not to Congress for their salaries but to stockholders. Let me remind you that if you own mutual funds, you likely own some big oil stock. These men and their companies' profits affect your own income and wealth.
Also, the sales tax levied on gas at the pump is based on a percentage. Many states are enjoying the inflow of $ due to the higher price of gas. So many states have been threatening to raise income tax rates to cover their deficits. The sales tax on $4.09 per gallon is much more than on $2.30 per gallon.
One more thing about big oil. Their overall margin of profit is less than 8.5%. Please consider that this margin is relatively small. Many industries work within margins at 10% and greater.
If the salaries and compensation of these 5 gentlemen were not awarded them, the affect on the price per gallon at the pump would be changed by $.00001 per gallon.
Let's hold off executing the leaders of an industry and shine the mirror on our Congress. Untie the hands of this industry and allow drilling at home. Now.
'til later
The oil heads reminded us that the US is dependent on foreign oil. Things would be different if we drilled our own resources. The foreign market sets the price of crude. They made it sound like foreign countries and companies hold monopolies and our hands are tied. They called for permission to drill US oil.
May 21, 2008 five execs of oil companies sat before Congress. They were condemned for their salaries. Three of the five said their compensation was public record. The other two said their personal compensations were not the top amounts in their companies and were not public record.
They were harassed about their salary amounts and the audience laughed.
These men answer not to Congress for their salaries but to stockholders. Let me remind you that if you own mutual funds, you likely own some big oil stock. These men and their companies' profits affect your own income and wealth.
Also, the sales tax levied on gas at the pump is based on a percentage. Many states are enjoying the inflow of $ due to the higher price of gas. So many states have been threatening to raise income tax rates to cover their deficits. The sales tax on $4.09 per gallon is much more than on $2.30 per gallon.
One more thing about big oil. Their overall margin of profit is less than 8.5%. Please consider that this margin is relatively small. Many industries work within margins at 10% and greater.
If the salaries and compensation of these 5 gentlemen were not awarded them, the affect on the price per gallon at the pump would be changed by $.00001 per gallon.
Let's hold off executing the leaders of an industry and shine the mirror on our Congress. Untie the hands of this industry and allow drilling at home. Now.
'til later
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