Senators Criticize Oil Industry Mergers

[Rose Siding]

WASHINGTON -- Lawmakers told oil executives Tuesday that a "merger mania" in their industry has significantly diminished competition and allowed soaring oil and gasoline prices.

"These price increases cannot be explained solely by increased cost of oil," said Sen. Dianne Feinstein, D-Calif., as chief executives of the country's six largest oil and refining companies waited to testify at a Senate hearing.
...
"It is naive to think that massive consolidation has had no impact" on prices, said Sen. Charles Schumer, D-N.Y., who suggested "we should seriously explore divestiture, particularly on the downstream refining and retail" areas.
...
State prosecutors from California and Wisconsin testified that current federal antitrust laws hinder prosecution for price gouging and excessive concentration in the refining and retail oil and gas industry.

Schumer criticized the "rubber stamp mentality" of the Federal Trade Commission in its approval of oil mergers.

http://www.washingtonpost.com/wp-dyn/content/article/2006/03/14/AR2006031400781.html

[Norquist Nemesis]

1. Kohl just hinted at collusion

He wanted to know how it is that their cost of raw materials has gone up and yet they have seen record profits. "How is it that you have been able to so successfully pass that on to the consumer?"

One of the execs claims it's because we have such a strong economy! :rofl:

[FloridaPat]

2. Wonder how they feel about the MSM mergers. We're down to 6

major news outlet owners around the country.

[mbperrin]

3. Did they swear the execs in for a change?

Or is lying not under oath still OK?

[catmandu57]

4. That's what I'm wondering

I'm tired of dog and pony shows by congress, if all they do is wink nod and whistle, then forget it.

[Changenow]

6. CSPAN cut to something prerecorded when they

entered and started their testimony. It's a critical issue, but the Post doesn't cover it.

There isn't much doubt that they were spared that indignity.

[Changenow]

5. In Specter's closing comments

he apologized to the executives for the testy nature of some of the questioning. He explained that those pesky constituents are complaining. Specter then requested reports from the companies explaining how the incentives help the nation, or some such bullshit.

Grassley compared rising oil costs to the increasing cost of bottled water. No one complains about the water, so why are they complaining about the oil.

It was beyond pathetic.

[phantom power]

7. Sort of hints at who's really running that circus, doesn't it.

Begging your pardon, Dark Lord, but the peasants are restless...

[Ernesto]

8. Big Oil faces Congress on profits, mergers

......key phrase>>>> "under oath", is this repuke code for "softball questions only"?
(snip) Executives from oil giants Exxon Mobil Corp., Chevron Corp., ConocoPhillips, the U.S. units of BP Plc and Royal Dutch Shell Plc and major oil refiner Valero Energy Corp. testified under oath.
http://news.yahoo.com/s/nm/energy_congress_dc;_ylt=AtNVs0j7HcGYN.qwDzHxcbus0NUE;_ylu=X3oDMTA2Z2szazkxBHNlYwN0bQ--

[Mithras61]

9. Softball for certain...

Addressing the committee's concerns on whether oil mergers and acquisitions have boosted gasoline pump prices, new Exxon Chairman Rex Tillerson said: "My answer is no."

He's right, y'know. It wasn't the mergers & acquisitions, it was the price gouging...

[Guy Whitey Corngood]

10. Yeah, I'm sure they're shaking in their barrels. n/t

[Bigmack]

11. I'll bet they're sweating...

.. that horrible grilling they're gonna get from the Repubs... and Dems.
Heavy :sarcasm: intended.

Remember the tobacco execs swearing under oath that tobacco wasn't addictive.

Shiiiit... by the time those oily bastards get done testi-lying, we'll all just be grateful that they've kept the price down for us. Again, heavy :sarcasm:.

[wordpix2]

12. if Congress were serious, they'd just TAX the bastards but of course, they

aren't serious