In response to the article appearing in most major newspapers across the country concerning the $8.4 billion profit reported by Exxon.  Concern over profits by this oil company has brought about accusations of gouging the American consumer.  According to the article, "CEOs from Exxon and its industry peers have already appeared twice at Senate hearings and were asked to justify their profits shortly after reporting them to shareholders."  This has to be an American first.  I have never heard of a company being called to justify it's profits.    One wonders if an extension of this idea could be made to other companies in other industries as well.

Per the article, "Lawmakers believe the profits are made on the backs of consumers who are paying a national average of $2.91 a gallon - 68 cents more than last year.  Exxon says a strong commodities market combined with fortuitous planning and prudent management are producing record numbers."    This should make Americans ask the fundamental question:  what is the difference between what a public non-profit utility company provides and what a private for-profit oil company provides?  Afterall, they both sell energy to all United States citizens.  The difference is that natural gas and electricity are sold in the form of a public good whereas oil is sold in the form of a private good.    Accordingly, on the grounds of promoting national security,  the United States Congress should convert all oil companies to utility companies.  This would eliminate the windfall profits and force the oil industry to earn just enough income to cover operating expenses just as natural gas and electric utility companies are required to do.  The resulting drop in gasoline prices would further stimulate the economy and lighten the energy stranglehold upon the United States by the Middle East.  It would also eliminate the influence of the oil lobby.  In this case, desperate times call for deliberate measures.

Good idea but it would never come to fruition under the Bush/Cheney administration.  Since they are both big oilmen they love the profits they are reaping.  Even if congress could create the legislation it would definitely get a huge veto.

If I became the proverbial Captain of the Town, I would nationalize the oil industry on the first day. The reason you are paying through the nose for petroleum fuels and the government is doing nothing to remedy the problem is the country is literally run by and for oil tycoons.

Hugo Chavez of Venezuela makes it work by and for the people. That's why the oil tycoons are going to try to kill him.

If I became the proverbial Captain of the Town, I would nationalize the oil industry on the first day. The reason you are paying through the nose for petroleum fuels and the government is doing nothing to remedy the problem is the country is literally run by and for oil tycoons.

Hugo Chavez of Venezuela makes it work by and for the people. That's why the oil tycoons are going to try to kill him.

And when half of your employees shrug and walk off the job, with whom will you replace them?  Peasants who have no idea how to run and maintain a well or a refinery, tend not to do so well at it when everyone who did know how to run an oil industry has shrugged their shoulders and walked off the job.  Or will you simply hire your peasants as goons and  threaten your skilled workers with arrest, should they quit their jobs. 

I invite you to compare pre-nationalized Venezuelan oil production with today's oil production figures.

Why should Atlas continue to carry the burden of keeping such an economy afloat?  If I ran an oil rig that someone nationalized, I'd quit.  Might even be angry enough to lose track of a monkey wrench sitting right on the edge of the borehole.  Not in my job description to pick it up and make sure it don't fall in and jam up the works. And I certainly wouldn't want to take a job away from a brother worker.

good points...