Wednesday, Nov. 5, 2008 | 2:01 a.m.
Jeff Leonard, in his Monday letter to the editor, wrote that those on the left derided the Bush administration when gas prices were high, but now that prices are lower, the “silence is deafening.”
As someone who comes from the middle (proud independent), I don’t believe the silence is deafening. If anything, we hear laughter as President Bush and his oil buddies deserve credit for shattering net profit records for a U.S. company.
Exxon Mobil, Royal Dutch Shell, ConocoPhillips and Chevron have laughed their way to the bank as a result of this “global crisis.” As an example, Exxon Mobil posted profits of $14.8 billion in the third quarter alone and honestly has no idea what to do with the money. That shattered its previous record, $11.7 billion.
When businesses find themselves in this rare yet precious situation, they buy back their own stock; thus increasing the value of their shares. It’s sad that Exxon Mobil still owes on its $500 million bill for the Valdez oil spill in 1989.
Silence? Greed is something you see, not hear. Broke Americans (decreased demand) and a fickle Congress (put the focus on speculation) decreased prices, not the administration.
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