The top five oil companies in the United States have recorded profits of $342.4 billion through the first quarter of 2006:

ExxonMobil: $118.2 billion
Shell: $82.3 billion
BP: $67.8 billion
ChevronTexaco: $43.1 billion
ConocoPhillips: $31.1 billion

Many industry analysts claim that rising demand in China and India are the big reasons why the price of oil is hovering around $70 a barrel.  However, they neglect to mention the role U.S. demand plays in setting global crude oil prices. Americans consume 25% of the world's oil every day. China, the next biggest consumer, uses less than 7% of the world's oil each day.  America's huge appetite for oil combined with the fact that the United States is the world's third largest producer of it (only Saudi Arabia and Russia produce more than we do) creates a strong argument that the United States holds a lot of sway over world oil prices.

The energy bill that President Bush signed this year does nothing to address the U.S. factors that are driving oil and gas prices to record highs. Congress and the White House explicitly rejected efforts to improve fuel economy standards for our cars and trucks (which account for 70% of our oil consumption) or adequately fund fossil fuel alternatives. Meanwhile, gas prices continue to go up and no oil company seems to be turning their profits into consumer savings, maintaining existing equipment and pipelines and researching ideas for alternative fuel sources. Earlier this year I was left rolling on the floor in laughter to hear Bush boy beseech his oil buddies to spend money looking for new fuel sources. BP, as one example, has done a fine job in the area and what timing too. With winter approaching now BP finds problems with the pipes from Alaska yet another reason to raise prices. 

Does the energy bill hold these price-gougers responsible? Simply put, no. Bush's signature on the bill this year gave $6 billion in tax breaks and subsidies to oil companies. So it would seem the $58 million in campaign contributions to federal politicians by the oil industry (81% of that total going to Republicans thanks Republicans you’re running America right into the ground.) since 2001 has not only won the oil industry immunity from scrutiny, but has won it taxpayer dollars.  This misguided energy policy keeps America on a path of continued dependence on fossil fuels and guarantees that consumers will continue paying record prices while the oil companies roll in profits.

Micheal

Some of the information above was gleaned from the public citizen whom does not accept funds from corporations, professional associations or government agencies.