Here are some questions to ask yourself...When did it become evil to make money in America? When did we decide that someone could actually make too much profit? Why is NO ONE, even the oil executives, explaining who actually benefits from the profits? Just once, I want to hear someone state that 41% of XOM stock is owned by pension and other retirement plans, and that, yes, you too can own XOM stock. You can purchase XOM shares Monday through Friday between the hours of 9:30 am to 4 pm EST.
Anyway, "Big Oil" executives were once again paraded to Capitol hill this week. Here is a lowlight...ur...highlight:
"On April Fool's Day, the biggest joke of all is being played on American families by big oil," said Rep. Edward Markey, D-Mass., chairman of the Select Committee on Energy Independence and Global Warming
"Last year these companies alone made over $123 billion in profit," said Markey. "What is the oil industry doing with all this profit? Unfortunately, it goes as much to financial engineering as to renewable engineering."
Markey hammered Exxon's Simon over the company's investment in renewable energy. "Why is Exxon Mobil resisting the renewable energy revolution?" asked Markey.
Now there's an idea, let's force a business to invest in its competitors' product development!!! Think this is what Americans should be doing to business people? Before you answer that, let's change, for the sake of argument, the industry for a moment. Let's use the egg industry. So you have some background, oil prices are up about 26% year to date, while egg prices are up about 43% year to date. The largest US oil company is ExxonMobil, the largest US egg producer is Cal-Maine Foods, Inc. CALM had profits of $35 million in 2005 and last year had profits of $119 million. Now, let's take Rep. Markey's comments and apply them to a "Big Egg" executive....
"On April Fool's Day, the biggest joke of all is being played on American families by big egg producers," said Rep. Leonard Boswell, D-IA., chairman of the Select Committee on Livestock, Dairy and Poultry.
"Last year this company alone made over $119 million in profit," said Markey. "What is the egg producing company doing with all this profit? Unfortunately, it goes as much to financial engineering as to fruit and vegetable engineering."
Markey hammered Cal-Maine's CEO, Fred Adams over the company's investment in fruit and vegetable production. "Why is Cal-Maine Foods resisting the fruit and vegetable revolution?" asked Markey.
In other words, Mr. Egg producer you need to invest your profits in your competitor's product development. How much of your company's hard earned profits are you giving to new fruit and vegetable research? After all, if we think oil companies should be funding energy alternatives, then shouldn't egg producers fund egg alternatives? Sounds pretty ridiculous doesn't it? Wake up America! Capitalism helped us become the wealthliest country in the history of the world. Continuing to embrace Capitalism, not Capitolism, is the only way to retain that status.