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by Molly Ivins |
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This column is not about the presidential debate. It's about Other Stuff. Particularly eye-catching are the updates on the price of gasoline, your overtime pay, why the company most likely to hold the mortgage on your house could go broke, why you're getting peanuts from new tax cuts just passed by Congress and how the government is kicking hundreds of thousands of kids off health insurance while promising not to. Cheer all around.
Also Not Helping -- in fact, headed in completely the wrong direction -- is U.S. energy policy under You Know Who. More than half the oil we use today is imported, much of it from such stable, democratic regimes as Iraq. The Energy Department predicts this will rise to 70 percent in 20 years. The Natural Resources Defense Council has just put out a new study showing that the five biggest oil companies (ExxonMobil, Total, Shell, BP and ChevronTexaco) reported a $5.5 billion, or 16 percent, increase in profits during the first half of 2004 compared with the same period last year, which was no slouch either. Both ExxonMobil and ChevronTexaco posted record second quarter profits in 2004. In the 1970s, we conserved our way out of an oil crisis. But consumption rose 18 percent between 1990 and 2003 because of stagnant standards of fuel efficiency. "Energy policy in Washington amounts to little more than a gift to energy companies -- weakening environmental protections, extending regulatory loopholes, lavishing mammoth tax breaks on the biggest of big guzzlers and creating new barriers to stronger fuel economy standards," says the NRDC. Public interest groups finally managed to get some records from Dick Cheney's energy task force. Surprise, they show that industry lobbyists not only played a pivotal role in making the policy, they wrote much of it themselves. Judicial Watch obtained maps of the Iraqi oil fields from the energy task force, along with charts, developments, project costs, etc., as well as a list of "Foreign Suitors for Iraqi Oilfield Contracts." They are dated March 2001. This is of particular interest because the staggering profits of the last three years have left the oil companies with billions of dollars they want to invest in undeveloped world reserves. There is a better way. Instead of subsidizing the obscenely profitable oil companies, we could put that money into researching and subsidizing new, non-polluting technologies. According to The New York Times, this falls "far short of the level of corporate abuse at Enron," but the company did engage in "sloppy and misleading accounting practices." In 1998, the company deferred $200 million in expenses so executives could receive their full annual bonuses. Sounds like Enron to me. After I wrote a column about these bad doings a few months ago, I got a call from a public relations firm offering to fly someone from Washington to Austin immediately just to explain to little ol' me why I was ever so wrong about Fannie Mae. This caused me to conclude that if these fools had spent a lot less on PR and lobbying, they'd be much better off.
Albion Monitor
September 30, 2004 (http://www.albionmonitor.com) All Rights Reserved. Contact rights@monitor.net for permission to use in any format. |