imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
Features
latest news
best of news
syndication
commentary


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities

www.indymedia.org africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

America, Fight Back: Nationalize the Oil Industry!

by William Hughes Saturday, Apr. 26, 2008 at 3:25 AM
liamhughes@comcast.net

Surging oil prices are sinking the U.S. economy, while Big Oil is raking in obscene profits. For example, ExxonMobil recorded profits in 2007 of .6 billion. Its CEO’s pay averaged out to ,700 an hour. Today, gas is selling at .50 a gallon with no end in sight. Truckers are paying more for their diesel fuel and as a result food prices are rising. Globally, nationalization of the oil industry is the trend. It’s time for the U.S. to join that club.

		America, Fight Bac...
alaskan_pipeline.jpg, image/jpeg, 320x221

“We know what happens to people who stay in the middle of the road. They get run over.” - Ambrose Bierce

Are you sick and tired of being at the mercy of the grasping plutocrats who run Big Oil? Gasoline is now selling at .50 a gallon, as the price of a barrel of oil nears 0, with no end in sight to further increases. Meanwhile, the American economy is sinking faster than the Titanic. The dollar, too, is in sharp decline. Mortgage foreclosures are at depression era highs. Over three million middle class jobs have been exported in recent years. The Wall Street wise guys are in near-panic mode. The Fed, after 19 years of Alan Greenspan’s gross ineptness, is held in deep contempt. Yet, Big Oil keeps sucking off the American consumer, with a devil-be-damned attitude, while acting like a law unto itself. I say: Fight back America and nationalize the oil industry!

Take ExxonMobil for instance, Big Oil’s bully boy. “[It] inspires fear... in the industry for its ruthlessness... In 2007, it recorded the most profitable year of any firm in American history, with net income of .6 billion.” (1) In 2006, the big three, ExxonMobil, Chevron and ConocoPhillips posted combined “windfall profits of billion.” In 2006 alone, ExxonMobil generated “8 million profits a day, or .5 million an hour.” (2) It goes without saying that the Iraq War has also been a Las Vegas-like jackpot for the U.S. oil companies. So, too, do their profits go up when the Bush-Cheney Gang threatens war with Iran.

According to Bill Van Auken, Big Oil owes its record profits to “gouging at the gas pumps...The fleecing of average working people on gasoline sales is supplemented by an array of corporate welfare measures, tax breaks and royalty relief worth tens of billions of dollars...The massive oil profits once again point to the necessity of taking these corporations, which promote social inequality, militarism and the destruction of the environment, ‘out of private hands’ and turn them into ‘private utilities.’ Only in this way can society begin to confront the urgent dangers posed to the future of humanity by war and climate change.” (2)

Legal background: In 1952, during the Korean War, President Harry S. Truman ordered the seizure of the steel industry. He said: “The steel industry has never been so profitable as it is today...The steel companies now want to double their money.” (3) Doesn't’ that line sound familiar? In 1962, President John F. Kennedy was successful after some arm-twisting to get the Steel Industry to maintain prices, without resorting to a government take over. Although the Supreme Court struck down Truman’s Executive Order to nationalize the steel industry as unconstitutional, it was only by a 6 to 3 vote. The majority made it clear, however, that its decision might have been different had an Act of Congress authorized the president to take such action.

The dissenting justices emphasized that the president did have such powers even without congressional approval, assuming a national emergency existed. They wrote: The president isn’t a “automaton impotent to exercise the powers of Government at a time when “the survival of the Republic itself may be at stake...The steel mills were seized ‘for a public use.’ The power of eminent domain...is an essential attribute of sovereignty and has long been recognized as a power of the federal government.” (4)

As for the Bush-Cheney Gang doing anything about Big Oil’s bloated profiteering, well, just forget about it! We will have to wait until these bums are out of office. According to the Center for Responsive Politics, in Bush’s two presidential elections, oil and gas companies gave Republicans, “79 percent of their .5 million in contributions.” (5) In addition, President Bush family’s ties to “Big Oil” go back generations, as do V. P. Dick Cheney’s. (6)

More on Big Oil’s obscene profits. Published reports show that in 2007, the CEO of Halliburton earned about ,300 an hour, while the CEO of ExxonMobil raked in about ,700 an hour. When, in April, 2008, Congress went through the motions, at a public hearing, of demanding that Big Oil justify its windfall profits, its CEOs replied that they are in a boom-and-bust industry and need the huge profits to “pay for future oil development.” Incidentally, the surge in oil prices may spark a worldwide recession.

At press time, soaring oil prices have forced some airlines in the U.S. out of business and into bankruptcy. This means less competition. Also, an industry spokesperson said the public should expect “more delays” and “higher fares” this coming summer. Delta’s CEO, Richard Anderson said: “Domestic carriers would need to raise fares ‘by 15 to 20 percent’ just to break even.” (7)

Globally, the trend is towards nationalization of the oil industry. Presently, this is the situation in Russia, China, Venezuela, Mexico, Saudi Arabia, UAE, Libya, Burma, Saudi Arabia, Kuwait, Iran, and mostly recently Ecuador, to list some of the key Petrostates. According to Mother Jones: “State-run firms exercise exclusive domain over roughly 77 percent” of the world’s oil. (1)

On the home front, fuel, particularly the cost of diesel fuel, has now surpassed labor as the prime cost for the trucking industry. This is going to mean higher food prices. The truckers’ cost will be pass down the line and will eventually hit the consumer--the working class stiff and the poor. Cabbies are feeling the pinch, too, because of the rising cost of gas. “Their take-home pay is thinner than it use to be.” Retailers are starting to complain, also, because shoppers are beginning to stay home rather than get into the car and ride out to the mall. Store owners are trying to “figure out a way” to get people back into their cars. (8)

Finally, I think Mike Whitney hit the nail on the head about this subject matter in a piece for Counterpunch, nearly two years ago. He wrote: “Nationalizing the oil industry should be the central tenet of any progressive political movement. Evidence of the industry’s involvement in the invasion of Iraq as well as its obvious complicity in corrupting the political system should provide ample proof that the oil giants are ‘a clear and present danger to democracy’ and need to be put under state control.” (9)

Notes:

1. Mother Jones, May/June, 2008, “Put a Tyrant in Your Tank,” by Joshua Kurlantzick.

2. http://www.wsws.org/articles/2007/feb2007/oil-f03.shtml and http://news.bbc.co.uk/2/hi/in_depth/629/629/6528979.stm

3. http://www.time.com/time/magazine/article/0,9171,889428-2,00.html

4. http://www.law.umkc.edu/faculty/projects/ftrials/conlaw/youngstown.html and

http://www.historycentral.com/documents/Youngstown.html

5. “Big Oil’s Big Time Looting” by Derrick Z. Jackson, Boston Globe, 09/02/05.

6. http://observer.guardian.co.uk/magazine/story/0,11913,738196,00.html

7. Baltimore Sun, April 23, 2008, From Wire Reports

8. Baltimore Sun, April 22, Adam Schreck

9. http://www.counterpunch.org/whitney05012006.html and

http://www.youtube.com/watch?v=26Lr17usifg and

http://www.youtube.com/watch?v=O2HCR616ETI and

“The Sorrows of Empire” by Chalmers Johnson.

©2008, William Hughes, All Rights Reserved.

William Hughes is a video and print journalist. His videos can be found at: http://www.youtube.com/profile?user=liamh2.

Email Contact: liamhughes@comcast.net.

Report this post as:

LATEST COMMENTS ABOUT THIS ARTICLE
Listed below are the 10 latest comments of 4 posted about this article.
These comments are anonymously submitted by the website visitors.
TITLE AUTHOR DATE
March to Nationalize US Oil Industry held on 9/11/08 in Los Angeles, CA Judah Ben Hur Friday, Jul. 11, 2008 at 7:05 AM
March to Nationalize US Oil Industry held on 9/11/08 in Los Angeles, CA Judah Ben Hur Friday, Jul. 11, 2008 at 7:08 AM
Don't be ridiculous Bush Admirer Sunday, Jul. 13, 2008 at 2:54 PM
what? "privatize the government" Sunday, Jul. 13, 2008 at 3:06 PM

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Tech workers organize A24 6:24PM

Architect Stephen Francis Jones A24 3:01PM

UN Forum Wrestles with Economic Policies 10 Years After Financial Crisis Islands Call for A24 12:34PM

Xyloglossie attitudinale A23 8:07AM

Shadowgun Legends Hack and Cheats A23 7:24AM

What does the Quran Say About Islamic Dress?? A21 4:15PM

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy