The execs claim that high crude costs and low output is determining the high costs of fuel at the pumps despite the fact that they have invested minimally, amidst record profits, to increase refining capability. "You know how much cash you have on hand compared to capital investment" Durban reminded the forgetful mob of corrupt neo-capitalists.
It's awfully funny that after three or four failed attempts to gain access to protected areas for oil that we're now seeing congressional hearings about record prices, economic downfall, and access to protected areas. Apparently these guys just don't get it: Their request for access to protected areas was denied through a legitimate democratic process. Additionally, the Big Oiltard's claim that they have no ties to skyrocketing prices domestically is a joke. Why is it that just across the border in Mexico, fuel prices are nearly half the price that they are here? Does Mexico have better refining capability? Better infrastructure? Does Mexico pay less for imported crude? Or is this about capacity to pay? Let's face it Americans are rich (by world standards) and generally willing to pay. The problem is that these crooks have taken capitalism too far. We've moved from a symbiotic relationship with oil companies to a relationship that is now parasitic. They are harming the host... the middle class. (If you haven't been keeping up lately: The middle class pays the majority of taxes and is widely regarded as the heartbeat of the American economy.
Their attempt to leverage economic health with their goals of increased domestic access is harmful and possibly treasonous. Who do they think they are to try to override the congress and the American democratic process with this 'economic health for domestic access' blackmail? The decision has been made and now these companies collude to override the will of the people. Everyone should be alarmed and demand action from congress!
Sources: CNN Money / About.com
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