Saturday, June 13, 2009

Big Oil Pay Attention

Now that the Federal government has gotten a taste for running two of “The Big Three” auto makers, and is now telling executives with financial institutions how much they can earn, “Big Oil” in the United States should be watching closely and taking notes. Because you can be sure of one certainty. You are next on the government’s takeover list.

Think I am jumping the gun? Being irresponsible in my supposition? Fanning the flames of discontent? Being socialism phobic?


As evidence to bolster my theory, let me remind you of just one short year ago. “Big Oil” was subjected to congressional “hearings” over the price increases of gasoline, diesel fuel, and heating oil. The oil companies were being scrutinized over their reasoning for the price increases, and many Americans were outraged over the huge quarterly profits reported by “Big Oil”.

I recall Congresswoman Maxine Waters (D-CA) stating that if the oil companies could not run their companies better, then perhaps they should be “socialized”. She stumbled over her words immediately after using the term “socialized”, but she said it nonetheless. Faux pas perhaps? Wishful thinking? Maybe.

However, with the goings on with Chrysler, General Motors, and the banking corporations don't be shocked if governmental pressure is applied to “Big Oil” that includes “nationalization”. Especially if the price of gas keeps making its way upward as it has over the last few weeks. If gasoline starts getting to or above three bucks a gallon...well... “Big Oil”... consider yourself warned.

By the way, just one more thing. Since the government now owns or controls a portion of General Motors, Chrysler, AIG, and many of the banks...and in addition, since we are told that the government of this country is “of the people, by the people, and for the people”...when will we start seeing our dividend checks?

Don't think I'm going to hold my breath on that one.

© Copyright 2009 Steve Smith. All rights reserved.

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