April 27, 2006

Conspiracy Theory (part two)

Part 1

Via Huff Po

8/08/05: Republican Bill Gives Billions In Tax Breaks For Oil Companies…

But independent energy analysts cautioned that with crude oil prices hitting new highs, consumers should not expect the new law to push down gas prices or reduce U.S. reliance on Middle East oil soon, if ever. Bush acknowledged that it will "take years of focused effort to alleviate those problems."

The new 1,724-page energy law, four years in the making, will provide $14.5 billion in tax breaks. The recipients will include producers of oil, natural gas, coal and nuclear power, as well as smaller incentives for consumers who use cleaner-burning fuels produced in this country. Analysts say it is unlikely most Americans will see a noticeable improvement in their energy costs in the short term. But supporters said the new law is designed to provide a long-term lift to the fuels of the future, including cleaner-burning coal and a new generation of gasoline-electric hybrid vehicles.

"It's not a bill for today or necessarily tomorrow -- it's for the future," said Senate Energy and Natural Resources Committee Chairman Pete V. Domenici (R-N.M.). He was a chief sponsor of the bill and took part in the signing ceremony.

The price of crude oil hit a new high of more than $63 a barrel Monday.

And now . . .

Exxon Rakes In $8.7B Profit In First Quarter...
Exxon Mobil Corp., the world's largest oil company, said Thursday that higher oil prices drove first-quarter profit up 7 percent from the prior year.

Net income rose to $8.4 billion, or $1.37 per share, in the January-March period from $7.86 billion, or $1.22 per share, a year ago. Excluding a gain on the sale of an interest in China's Sinopec, the company's year-ago profit was $7.4 billion, or $1.15 per share.

4/27/06: Click Here To See Gas Prices…