Opher BanarieThe "S"-Word
May 31st 2008 19:37
The "S"-Word has been floating around Washington, DC, for decades. It is rarely spoken outloud and hardly ever even in private. But last week Representative Maxine Waters (D-CA), in lecturing oil industry executives, finally did it:
As transcribed by Investor's Business Daily, Waters said:
Socialize - yes, a United States member of Congress said it. Maybe she meant to say "nationalize", but the difference is nill. Rep. Waters wants to socialize the oil industry so that prices would be lower. Of course, government-operated facilities are hallmarks of efficiency, so the price would obviously come down. Is that Rep. Waters' thinking?
I don't see any thinking behind her threat. Instead, there appears to be a whole lot of political posturing and ignorance. Rather than evaluating the whole process of building and operating an oil company, Rep. Waters (and others like her) are concentrating on the retail price. But look at the billions of dollars already invested into exploration and equipment, refining capacity, pumping stations, etc. and the oil industry is no more profitable than most large companies.
When oil companies were losing money in the 1990's, I don't remember anyone suggesting that Congress give them subsidies, as farmers get.
We can only hope that, after 18 years of this craziness, the voters in her district decide to elect someone else in November. Not likely....
As transcribed by Investor's Business Daily, Waters said:
"This liberal will be all about socializing, uh, uh . . . would be about . . . basically taking over and the government running all of your companies," Rep. Maxine Waters told oil executives on May 22 during yet another show-trial congressional hearing.
Socialize - yes, a United States member of Congress said it. Maybe she meant to say "nationalize", but the difference is nill. Rep. Waters wants to socialize the oil industry so that prices would be lower. Of course, government-operated facilities are hallmarks of efficiency, so the price would obviously come down. Is that Rep. Waters' thinking?
I don't see any thinking behind her threat. Instead, there appears to be a whole lot of political posturing and ignorance. Rather than evaluating the whole process of building and operating an oil company, Rep. Waters (and others like her) are concentrating on the retail price. But look at the billions of dollars already invested into exploration and equipment, refining capacity, pumping stations, etc. and the oil industry is no more profitable than most large companies.
When oil companies were losing money in the 1990's, I don't remember anyone suggesting that Congress give them subsidies, as farmers get.
We can only hope that, after 18 years of this craziness, the voters in her district decide to elect someone else in November. Not likely....
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