Am i the only one wondering why the Oil Companies were not the ones to foot the bill for there "oil burning cars and trucks"? If this is how the Oil industry makes it money why didnt they at least be considered to foot this bill instead of the good ol USA taxpayer?
Fuck GM and Fuck the Oil Companies..
Oil industry awash in record levels of cash
By John W. Schoen
Senior producer
msnbc.com
updated 9:12 a.m. ET, Thurs., July 21, 2005
John W. Schoen
Senior producer
msnbc.com
When major oil companies report their quarterly profits next week, they're once again expected to post record numbers. With crude trading around $60 a barrel, the oil industry is enjoying one of the biggest windfalls in its history. But as the industry looks for places to put that cash, it's finding it harder and harder to put funds to work finding new deposits of oil and natural gas.
By just about any measure, the past three years have produced one of the biggest cash gushers in the oil industry?s history. Since January of 2002, the price of crude has tripled, leaving oil producers awash in profits. During that period, the top 10 major public oil companies have sold some $1.5 trillion worth of crude, pocketing profits of more than $125 billion.
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Now this..
Bailout Watch 553: If We?re Going to Own GM Shouldn?t We Actually Own GM?
That?s the question motivating an alternative plan for the government?s ?investment? in GM drafted by Sen. Lamar Alexander. Under Alexander?s plan, the Treasury secretary would be required to distribute the government?s GM and Chrysler stock to the 120m or so Americans who submitted tax returns for 2008. ?This is the fastest way to get the stock out of the hands of Washington and back into the hands of the American people who paid for it,? said Alexander. The proposal, which Alexander plans on attaching to the current tobacco regulation bill would:
? Prohibit the Treasury from using any more TARP funds to bailout GM or Chrysler.
? So long as the government holds stock in these companies, require that the Secretary of the Treasury and his designee have a fiduciary responsibility to the American taxpayer to maximize the return on that investment.
? Not later than one year after each company emerges from bankruptcy, require that the Treasury distribute its common stock holdings in that company evenly to every American who paid taxes on April 15.
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