$133 Oil Industry CEO and Presidents before Congress

In the 1970s the Oil Companies were before Congress due to price hikes and shortage. Yet it took almost a full decade before we found out that the oil industry's' shortage was just on paper. Also we learned that their price hike was caused with selling of companies, just on paper, to different family members causing a price hike at the pump. Yep, those were the good old days. And when it looked like the oil companies at that time were going to get into trouble, along came president Reagan who decided that the Oil Companies Executives should not be penalized or jailed or charged. What a let down that was.

Now fast forward to 2008. We now have the Oil CEO and Presidents of the Oil Companies before Congress on May 21, 2008. "We're on the precipice here and about to fall into a recession," Dick Durbin said. "Is there anybody here who has any concerns about what you're doing to this country?"

"The American economy is buckling under the weight of gas prices. And while consumers and businesses suffer from these price increases, the oil industry seems only to get richer and richer." Senator Herb added. Oil prices climbed to $133 a barrel today which ricochet great concerns on what was happening to the American Economy.

On April 1, 2008, April Fools Day, there was a hearing on the oil prices slightly rising over $100 a barrel, yet nothing was done to stop the up serge of oil costs at that time and now the price per barrel is up 1/3% at $133.00. Will the prices start to fall because of the hearing? Will the prices freeze and stop rising? Or will we be reading reports in the next month or two of how the barrel price rose another 1/3% bringing the cost closer to $166.00 a barrel? Hmm, well the Bush, Chaney and their close friends and relatives can line their pockets with all the money their stocks in the oil industry is making.