I like that the lede of this Tribune story links obscene oil profits to Republican control of Congress. Of course, I'd be pretty surprised if anything actually was done to ameliorate the facts
Largest. Profit. Ever.
Oil giant's record gain refuels political debate: Exxon Mobil Corp.'s announcement Monday that it amassed a stunning $36.1 billion profit in 2005--the biggest single-year profit ever for a U.S. company--could complicate Republicans' efforts to maintain control of Congress because of their longstanding ties to the oil industry.With the cost of gasoline rising again and industry analysts warning that the coming summer could see $3-a-gallon prices similar to last year's, Republicans face a Democratic opposition committed to making it a campaign issue in November congressional elections and the prospect of voters angered by higher fuel costs.
The president's energy-industry background, as well as that of Vice President Dick Cheney, have led White House critics to accuse the administration of favoring oil industry profits at the expense of consumers.Democrats sounded that theme Monday in the wake of Exxon Mobil's earnings statement as well as those of Chevron Corp. and ConocoPhillips, which reported large profits last week.
“The president thinks what's good for Exxon Mobil is good for America,” said Sen. Charles Schumer (D-N.Y.) during a teleconference with reporters. “Most Americans, when they saw $3 gas, didn't. Energy prices will be a metaphor for the president, for why people want Democrats over the Republicans.”
In the same teleconference, Rep. Rahm Emanuel (D-Ill.) took aim at congressional Republicans.
“What did Congress do? Give $14 billion in taxpayers' subsidies [to the oil industry] to drill for oil, to execute their business plans. At the same time we have cut student aid by $14 billion.”
Democrats were clearly trying to claim the issue of higher energy prices for themselves. But Norman Ornstein, a scholar at the American Enterprise Institute, a conservative think tank, said he foresees rising energy costs contributing to increasing populist rhetoric, even among Republicans.
Besides the energy issue, the ongoing trial of former executives of energy giant Enron and concerns over diminishing pensions and health-care costs will also play a role, he said.
“It's not going to be just Democrats, just the left,” he said. “It will be the kind of populism we had in the late '80s, early '90s with the center and the right as well. If you go back to 1988 and 1992, we had Ross Perot representing the populist center and Pat Buchanan representing the populist right. Plenty of conservatives out there are not particularly pro-big business.”
and when Douglas Adams, of the essential iTunes/Applescript site, ventures away from his usual topic to mention his outrage, you know this is an issue that has resonance.
