Yesterday George W. Bush defended the huge profits of Exxon in his speech in Nashville. He said they were justified because they were the result of the market. The AP article went on to mention that after all Bush was a former oil man from Texas. What the AP did not mention is that the two oil companies Bush ran went bankrupt while he was in charge. Only a fool would rely of the statements of someone with the track of Bush about running oil companies.
The truth is that BIG OIL does not respond to the market they manipulate the market. They do not need to increase their market share to increase profits or have big productivity increases. The oil companies have every right to increase the price of their end product because of price increases they incur. What the oil companies are doing is using the unstable crude oil prices to not only recover there added cost but add to their profit. If crude oil prices increase and that would add $.20 per gallon, the oil companies jack up the prices by $.50 per gallon. That negatively impacts EVERY COMPANY and EVERY PERSON in this country and our President tell us that is fine!
If I were the President of Harvard University and knew some where in the White House there is a diploma saying Harvard granted George W. Bush and MBA, I would be ashamed! Every American that is being priced gouged by the oil companies should write Bush and tell him how wrong it is for him to defend such actions. Congress needs to tax away that added profit and invest it in research and production of ways to make America less dependent on oil!
