Money, Money, Money

Did you see the 2007 oil company revenue reports that just came out (I barely found it as our Charlotte Observer hid it on page 3 of the Money section preferring to give preferential coverage to breaking language barriers). Exxon Mobil "earned" $40.6 BILLION in Profits for 2007 (of which they "earned" over $11 Billion in the last 3 months of 2007 alone), Chevron "earned" $18.7 BILLION in profits for 2007, and Shell "earned" $27.5 BILLION in profits (a new record for a British company profits in 1 year). I use the term "earned" because we all know they stole and cheated the consumer out of every penny of that. Exxon broke the record for earnings by 1 company in a year in the U.S. by breaking their own 2006 record of $39.5 BILLION in profits. How much profit does a company need to make? Senator Charles Schumer (D-NY & a member of the Senate Finance Committtee) urged Congress to repeal tax breaks for the oil industry. What good will that do? They will just pass it on to consumers. what Congress needs to do is put a price cap on gas prices (I suggest $2.00/gallon which will still give them a huge profit margin). Congress regulates phone companies, electrial companies & natural gas companies, why not the oil indusrty? THis would be the biggest stimulus to the economy and set the U.S. back on the path to economic recovery, growth, and power among the nations of the world.