...Investigations of Disaster Profiteering ~ Interview with Tyson Slocum, director of Public Citizen's energy program, conducted by Between the Lines' Melinda Tuhus
Congress Does Little as Energy Company's Record Profits Prompt Calls for Investigations of Disaster Profiteering
Interview with Tyson Slocum, director of Public Citizen's energy program, conducted by Melinda Tuhus
After Hurricanes Katrina and Rita battered the Gulf Coast, energy costs spiked, with gasoline rising to more than a gallon. But prices have since come down, now ranging between and .25 a gallon. Heating oil prices have seen similar fluctuations, but are still at record levels. As winter approaches, local governments and non-profit community groups are greatly concerned about the high price of heating oil and natural gas, predicting that low-income families will be facing desperate circumstances long before the heating season is over.
Allegations of price gouging have outraged many Americans after big oil companies reported record profits. Exxon Mobil had third quarter profits of .9 billion dollars - up 75 percent and the largest in U.S. corporate history. Together, the major oil and gas companies in the Standard & Poor's 500 index have earned more than billion, up more than 50 percent from a year earlier. Record energy profits have led some in Congress to call for a windfall profits tax, while others have asked the oil companies to contribute a portion of their earnings to assist the needy.
Between The Lines' Melinda Tuhus spoke with Tyson Slocum, director of Public Citizen's energy program. He explains the cause of the energy price fluctuations, and describes the collaboration of the federal government with energy corporations to boost their profits -- companies that he says, not coincidentally, have since 2001 contributed million to politicians at the federal level, 80 percent of the contributions are going to Republicans.
Contact Public Citizen at (202) 546-4996 or visit the group's website at www.citizen.org.
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Original: BTL:Congress Does Little as Energy Company's Record Profits Prompt Calls for...