Republicans in congress are up in arms over current oil prices. Dennis Hastert went as far as to threaten prosecution if it is found that any price gouging is taking place. From The Christian Science Monitor:
The soaring profits have already attracted the attention of many members of Congress. On Tuesday, House Speaker Dennis Hastert warned companies that any price gouging is "unacceptable, and any company who does it will be prosecuted." He urged the oil companies to explain to the American public what they are doing to bring down the cost of oil and natural gas. And he urged them to build new refineries and pipelines.
What are they doing to lower the cost of oil? What are you doing? You see, oil is a commodity. It is sold on the speculative market, therefore the buyer sets the price. It is a well oiled example of the supply side economics you champion every day. It is the way republicans think all business should be done. Yesterday, gold closed at $473.80 on the NY spot merc. I don't see you threatening jewelers for selling a commodity that's only intrinsic value is that it is shiny. What are you going to do now? Propose some sort of socialized form of oil sales? Impose some of those nasty government regulations you deplore?
If Hastert wants to place blame for high oil prices, perhaps he should look in the mirror. This republican led congress has failed miserably in pushing any meaningful alternative energy legislation leaving people with only a few petroleum based options for fuel. Hell, you even gave the oil companies billions in subsidies.
This is even the calm before the storm. Hastert's constituents might not be affected this winter, but his cold belt colleagues are likely to feel the voters wrath after this years heating bills come due.
When it comes to foresight in the republican party, the one-eyed man truly is king.
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