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Wednesday, November 09, 2005

Oil Profits
This kind of thing makes me so mad.
There is a "growing suspicion that oil companies are taking unfair advantage," Sen. Pete Domenici, R-N.M., said, opening the hearing in a packed committee room.

"The oil companies owe the American people an explanation," he declared.
"Energy prices have been too high and energy companies have realized significant increases in profits," said spokesman Scott McClellan. "It's important that the private sector be good corporate citizens and invest in the energy infrastructure and support those who are in need."

Congress is concerned that oil companies are earning 7.7% profits! That's price gouging if ever there was. Either our senators are economic ignoramuses or they want to make/keep Americans economically ignorant. I don't call that serving the public.

Every congressman should be required to take a class from Walter E. Williams. He explains why "windfall profits" are not a bad thing.

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