Meat and Potatoes

Wow, I'm actually getting back into the whole news blogging thing. Sweet. Well, at any rate, many of you probably noticed that the U.S. Senate challenged oil tycoons regarding their record profits at a time when American energy prices are through the roof. A good move by our valiant statesmen, right? Well, the following quote is a money shot that can't be passed up.

The head of the National Association of Manufacturers, former Michigan Gov. John Engler, criticized lawmakers for the way they handled the hearing.

"Demagoguery and demonization will not reduce energy prices or solve supply problems in the long run," he said. "Our energy supply and infrastructure have suffered from 25 years of increasingly restrictive government policies that have made it almost impossible to access and refine the resources we have. The Senate should dispense with the theatrics and get serious about Americas energy supply."

He's exactly right, and this mirrors the statements of many bloggers. I noted it in my gargantuan oil post from late August. The problem isn't oil companies making a profit, though that's something that's worth looking into. For example, this claim...

Lee Raymond, chairman of Exxon Mobil Corp., said he recognizes that high gasoline prices "have put a strain on Americans' household budgets" but he defended his company's huge profits, saying petroleum earnings "go up and down" from year to year.

... doesn't hold so much water when you figure that earning should be going down if it's becoming more expensive to produce the product that the oil companies are selling.

Be aware.