Piling on oil companies – fun times

This week is National Piling On Oil Companies week and a good time is being had by all. A few headlines will give the flavor of the times. My favorite, because of its slightly off-color tone: Texas House approves fracking disclosure bill

We’re not sure we want to hear how much fracking is going on, but somebody must. But seriously, folks, the lead paragraph from this Houston Chronical story pretty much wraps up the differences between Texas and the rest of the country.

“While witnesses from Texas testified in Washington against a federal study of the method central to unlocking oil and gas from shale formations, the Texas House passed a bill that would require producers to disclose chemicals used in the process.

Why would we want anyone to “study the method?” of something that is already known? Why wouldn’t we want “producers to disclose chemicals used in the process? That’s the difference between an expensive-boondoggling-messing-around law and a sunshine law.

But then we have: ” [U.S.] Senate committee puts big oil execs in the hot seat” from the Washington Post. Here the lead graf is:

With regular gasoline prices just shy of $4 a gallon nationwide, the Senate Finance Committee grilled senior executives of the five biggest oil companies Thursday about whether they really need tax incentives that some Democrats on the panel said the nation can no longer afford.

Brilliant! Increase costs and call for the companies to lower prices for their products. Where to start? This idea is not only ridiculous, it conflates several non-related issues into one AND at the same time avoids the real goal: make gas prices go higher and higher.

On other occasions, you will hear politicians and advocacy groups unapologetically call for increases in gas prices to stop driving vehicles to save the planet by stopping global warming – oops, excuse please – climate change.

We just noticed advocates don’t even say “global” any more. Could that be due to record cold in some places, record high temps, record drought, record rain…

Let’s just stop fooling around and call for the climate to stop all this fracking change – and stop it now, dammit!

Disclosure: IFO owns CVO, XOM, COP


About InvestingforOne

I've been investing in various assets by myself using a discount broker for many years. Over that time, I've developed some theories that others might find useful. Plus, there is more to investing than money. Time, talent, work, friends, family all go into developing a good and satisfactory strategy.
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