Big Oil blames government for high oil prices

OK, for starters, let's scrap every last free handout for Big Oil tomorrow since taxpayers are supporting billions per year in tax breaks for that industry. Then let's have a deeper look at how Big Oil invests money to destroy climate change initiatives that might have an impact on how Americans view the oil industry. After that we can dig in deeper to look at how Big Oil does their best to eliminate any ideas that might move people away from oil and onto alternative energies.
It's a pity Congress and the White House are so afraid of taking this destructive industry on. Someone needs to step in and end this blamestorming Bull Shit.

Shortly after posting first-quarter earnings of nearly $11 billion Thursday, Exxon Mobil (XOM, Fortune 500) issued a defensive statement arguing that it's not to blame for $4 gas. The company put part of the blame for soaring oil and gas prices on the U.S. government.

"For every gallon of gasoline and other products we refined and sold in the United States, we earned about 7 cents," said a statement from Exxon vice president Ken Cohen. "Compare that to the 40 to 60 cents per cents per gallon that went to the government (state and federal) in gasoline taxes."

The industry's top lobbyist also went on the offensive, saying the earnings that these companies reported this week reflect a strong economy and are a boon for investors, including many pension funds.

"The U.S. oil and natural gas industry's strong earnings signal growing strength in our economy," said Jack Gerard, chief executive of the American Petroleum Institute. He said Americans "should be proud" of an industry that supports millions of jobs and provides income for retirees who have shares of profitable oil companies in their retirement accounts.

No, oil is expensive not because of the strength of the economy, but because of the weakness of the US dollar.