David Goodfriend’s Daily Rant: Big Oil & Shameless ProfiteeringMarch 14, 2012
“Recent sky-high gas prices are an outrage, a wholesale transfer of wealth out of the 99% and into the very top of the 1%,” says David Goodfriend. “Forget about politics and government. I lay the blame for this wholesale theft at the feet of the oil industry.”
Watch David’s Daily Rant here, and read the rest of it below the video.
First they tell us it’s because they can’t drill enough in the United States. Then they tell us it’s because international oil prices are rising. But all of this, in my opinion, is a cynical effort to deflect attention from their own shameless profiteering.
Right now, the oil industry is sitting on plenty of public drilling leases. Nearly two thirds of the land leased isn’t being used. Whose fault is that? Close oil industry tax loopholes to pay for alternative fuels?
Deny the Keystone XL pipeline unless the oil would be used here at home instead of exported? Big oil’s chief Washington lobbyist literally threatened political payback for anyone even proposing such things.
Frankly, Ithink big oil knows damn well what they’re doing. By sitting on their domestic leases, keeping supplies tight, they help drive up the price of crude oil.
Why would they drill to the max, increase supply, and lower prices?
That would just lower the value of the oil they control today. What’s to say they’re not just choking supply to keep oil prices high and laughing all the way to the bank while you and I pay through the nose?
On top of that, I suspect that they’re illegally colluding with one another to do it.
At the very least, as we can see from the oil billionaire Koch brothers, this is an industry that is not above trying to buy our government out from under us.
If our democracy is the last thing standing in their way of total domination, big oil will try to drown it in a bathtub rather than let us little people tell them what to do.
I know presidents get more credit and blame than they should for oil prices. But if I were president, I’d get the Department of Justice to open a criminal investigation on the oil industry for illegal price fixing.
I’d get the Interior Department to open its own drills on public lands — skip the oil companies altogether — and flood the market with government-drilled American crude, sold at cost, not at spot-market prices. In other words, I’d go to war against these greedy bastards.
Dylan, I know that here on the Dylan Ratigan show, we’re no longer into fighting for fighting sake. I’ve been working on my anger management techniques. I can find my happy place. But when you take a look at these oil companies, at their history of squeezing consumers, crippling the environment, bullying politicians, and pocketing the spoils, come on! You gotta get steamed!
Maybe I’ll get more zen when I see an oil executive do the perp walk. Shackles, pinstripes, and Texas tea. That would be oh, so lovely.
- David Goodfriend runs his own public policy practice in Washington, D.C. and is the founder of Sports Fans Coaltion, a public policy group for sports fans nationwide, and is the host of Left Jab Radio on Sirius XM.