More economic illiteracy from the DNC

Bush’s Failed Energy Policies Lead To Record Profits For Oil Companies

Today, ExxonMobil announced that “its third-quarter earnings rose to $10.49 billion, the second-largest quarterly profit ever recorded by a publicly traded U.S. company.” Royal Dutch Shell also “beat all forecasts with a 21 percent rise in underlying third-quarter profit.” These earnings reports come “as high crude prices this year have fueled record profits in the oil industry” which has triggered “an outcry from consumers who were being asked to pay about $3 a gallon for gasoline in early August.” [AP, 10/26/06; Reuters, 10/26/06]

“These record profits for oil companies while Americans still face sky-high gas prices, is one more example of the consequences of President Bush’s decision to let his friends in big oil write our nation’s energy policy,” said Democratic National Committee Communications Director Karen Finney. “While oil companies have received tax breaks, the pocketbooks of America's working families have been squeezed by a combination of rising energy costs and declining incomes. Americans are ready for a new direction. Democrats remain committed to reducing our dependency on foreign oil, and creating a robust domestic industry for alternative energy sources that will create jobs."

Under Bush, America's Dependence on Foreign Oil Has Increased. During the 2000 presidential campaign, Bush criticized the Clinton Administration for allowing U.S. imports on foreign oil to reach 56% of U.S. oil consumption. Five years after President Bush announced his energy plan, U.S. imports of foreign oil have risen to 65% of U.S. consumption. [House Government Reform Committee, Democratic Staff, 3/16/06]

...

-more-

Presumably, it'd be beneficial for America if her major corporations realized record losses. Imagine the headline: "Bush’s Failed Energy Policies Lead To Record Losses For Oil Companies".

We didn't think it was possible to display more economic illiteracy than the Left does when it comes to drug companies.

Clearly, we were wrong.

These simps actually believe that corporations exist to give stuff away.

This ignorance is understandable inasmuch as most of the rich people the Left are friendly with are trust fund kids or gigolos -- Kennedy, Rockefeller, Kerry -- or even worse, currency manipulators (Soros).

We're not certain which "sky-high gas prices" they're referring to. The price per gallon in Virginia City looks to be down 70 to 80 cents since August.

That "robust domestic industry for alternative energy sources" will arise when it becomes feasible and profitable. Free markets are wonderful things.

As far as dependence on foreign oil goes, we look forward to the day when our Red Green friends join us in supporting drilling at ANWR and various offshore locations, the construction of new refineries and -- *gasp* -- nuclear power plants.

In the mean time, perhaps George Soros, Ted Turner and Babs Streisand could pool their fortunes, buy an oil company and voluntarily run it at a loss.

So ironic that the self-proclaimed "smart" people have no clue how an economy works.