Thursday, November 15, 2007

Who Profits from High Oil Costs & The Iraq War?

Watch the following video clip and then take a guess!

As the price of oil approaches $100 a barrel, the US military is scrambling to stretch their budgets to cover soaring energy costs. Dr Lawrence Korb of the Center for American Progress tells CNN despite a campaign to "green" the power consumed by the Pentagon, energy costs are outpacing those efforts.

And who supplies the US military with the fuel that they need for their tanks, jeeps & jets?

This might give you a clue. According to the consumer watch group Public Citizen:

Since George Bush became President in 2001, the top five oil companies in the United States have recorded profits of $464 billion through the first quarter of 2007:

ExxonMobil: $158.5 billion
Shell: $108.5 billion
BP: $89.2 billion
ChevronTexaco: $60.9 billion
ConocoPhillips: $46.9 billion

Many industry analysts claim that rising demand in China and India are the big reasons why the price of oil exceeds $60 a barrel. However, they neglect to mention the role U.S. demand plays in setting global crude oil prices. Americans consume 25% of the world's oil every day (see chart comparing global oil consumption). China, the next biggest consumer, uses less than 7% of the world's oil each day. America's huge appetite for oil combined with the fact that the United States is the world's third largest producer of it (only Saudi Arabia and Russia produce more than we do) creates a strong argument that the United States holds a lot of sway over world oil prices.

Of course today Defense Secretary Gates told Congress that they MUST pass yet another war spending bill or he may have to lay off thousands of Pentagon employees.

Well, here's my suggestion for funding the war.

I'm asking all of the friends of Bush & Cheney in the oil industry to do their patriotic duty, support the troops and the war on terror by donating half of their profits to the war effort. Here's what you can do for your country:

ExxonMobil: $79.25 billion
Shell: $54.25 billion
BP: $44.6 billion
ChevronTexaco: $30.45 billion
ConocoPhillips: $23.45 billion

For a total of: 232 billion dollars

That's 232 billion dollars to bring democracy to the Iraqi people. So what do you say oil executives?

Don't leave the future of the Iraq war in the hands of that "do nothing" 110th Congress, fund it yourself! That'll show them.

* * * * *

If you're an American citizen who thinks that Big Oil should help fund the war why not contact your Congressperson and let him/her know.

Related posts:

This MUST Be Against the Law

Shell Oil's President Clear On The Oil Industry Agenda

They Don't Want You To Believe in Global Warning

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