Oil Cheif Execs answer why prices have gone up 400% since Bush took office - Mustang Evolution

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Old 05-21-2008, 03:28 PM   #1
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Oil Cheif Execs answer why prices have gone up 400% since Bush took office

This was from ABC's news, our government asked why prices went up 400% since Bush came into office and the demand has been the same as it's been since and before Bush was in office. Their answer was lame, but in short they basically said "Supply and Demand"

Which is amazing, because with the recession and the drop in so many jobs.. who the **** is driving more? Hello? No one going to answer that? If there are less people going to work, then there are less people driving because they can't ****ing afford the gas.

****ing bull****.
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Old 05-21-2008, 03:31 PM   #2
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

I found this a good read too with some great one liners...

FOXNews.com - Oil Companies Defend Large Profits Before Senate Judiciary Committee - Politics | Republican Party | Democratic Party | Political Spectrum

Quote:
WASHINGTON — Top executives of the five largest oil companies tried to shift anger over high prices to a debate over supplies Wednesday, leading a senator to accuse them of acting like "hapless victims" while racking up record profits.

Patrick Leahy, D-Vt., told the executives there's "a disconnect" between normal supply and demand and the skyrocketing price of oil — surpassing $130 a barrel even as the oil leaders testified — that the industry has yet to explain.

J. Stephen Simon, executive vice president of Exxon Mobil Corp., said profits have been huge "in absolute terms" but must be viewed in the context of the massive scale of the industry." He also said high earnings are needed "in the current up cycle" to pay for investments in the long term when profits will be down.

"'Current up cycle,' that's a nice term," replied Leahy with sarcasm, "when people can't afford to go to work" because gasoline is costing close to $4 a gallon.

He asked Simon what his total compensation was at Exxon, a company that made $40 billion last year. Simon replied it was $12.5 million annually.

Two other executives, John Lowe, executive vice president of ConocoPhillips Co., said he didn't recall his total compensations as did Peter Robertson, vice chairman of Chevron Corp. John Hofmeister, president of Shell Oil Co., said his was "about $2.2 million" but was not among the top five salaries at his company's international parent. Robert Malone, chairman of BP America Inc., put his compensation at "in excess of $2 million."

Sen. Arlen Specter, R-Pa., said Exxon's annual profits increased from $11.5 billion to $40.6 billion in the past five years and there was no explanation for "why profits have gone up so high when the consumer is suffering so much."

The five companies earned $36 billion in the first quarter of this year.

The executives, appearing under oath before the Senate Judiciary Committee, said they know high prices are hurting people, but they said the cause is not company profits but global supply and demand. And they sought to use their appearance before Congress to argue against new taxes on their industry

"I urge you to resist these punitive policies," said Hofmeister.

Senate Democrats recently announced an energy package that would tax "windfall" profits of the five companies. That might have public appeal, Lowe told the senators, but oil companies should not be viewed as "a scapegoat" for high prices.

That was not what many senators wanted to hear.

You have "just a litany of complaints that you're all just hapless victims of a system," Sen. Dianne Feinstein, D-Calif., told the executives. "Yet you rack up record profits ... quarter after quarter after quarter."

"I'm sorry to sound like a victim. I don't feel like a victim at all," replied Robertson of Chevron, saying that he was proud of his company's investments in future supply.

Sen. Richard Durbin, D-Ill, accused the corporate executives of ignoring the plight of people suffering because of high energy prices. "Where is your corporate conscience?" he asked them.

"The issue is simple," said Leahy. "People we represent are hurting, the companies you represent are profiting."
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Old 05-21-2008, 04:05 PM   #3
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

BS... isnt the demand of oil almost perfectly elastic - in other words, constant no matter what the price?
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Old 05-21-2008, 05:25 PM   #4
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

I really dislike government getting involved with private businesses, but something needs to be done here, this is getting out of hand.
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Old 05-21-2008, 05:28 PM   #5
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

Well, for starters, we can stop relying on oil.
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Old 05-21-2008, 06:04 PM   #6
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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Well, for starters, we can stop relying on oil.
From what I have seen - its coming - atleast it in the energy industry. Its not coming any time soon, I can tell you that for sure. The REAL solution to high gas prices is to build some new goddamn refineries in the states.
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Old 05-21-2008, 06:11 PM   #7
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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From what I have seen - its coming - atleast it in the energy industry. Its not coming any time soon, I can tell you that for sure. The REAL solution to high gas prices is to build some new goddamn refineries in the states.
Nah, the real solution is to sue opec.
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Old 05-21-2008, 07:08 PM   #8
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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Well, for starters, we can stop relying on oil.
ok, so whats your solution?

water doesnt power your car, and if it did, water will be 10$ a gallon. Nice to have such a high price tag on something humans require to live off of. instead of just not being able to afford that flashy flat-screen TV because of high oil prices, well just die because nobody will be able to afford water.

Oooh electric cars. Yay. because if paying 250$/mo for electric at my house wasnt enough, plug in even one car and trickle charge it all night and now im paying $450/mo. i spend 200$/mo in gas on the cobra, so theres no benefit there. not to mention the energy grid is archaic and can barely meet demands as it is, not to mention how ****ed it would get if a million customers are charging electric cars. PLUS all that electricity has to come from somewhere, and since nobody wants a nuclear plant in their backyard.....

Air? great, air as a resource. Thatll be the chance congress needs to enact a bill to tax you on the air you breathe.

heres what you should have said:
Quote:
Originally Posted by Brent View Post
Well, for starters, we can stop relying on Foreign oil.
honestly if it doesnt stop, what you see in post-apocalyptic movies like Mad Max or the like wont be so far fetched. however those are based on actual oil reserves being depleted fully, which is untrue. there is enough oil to last us another 100 years, and there is no proof either way that its a non-renewable resource (IE you leave a well, drill elsewhere, and 50-100 years come back to previous well and it will have replenished itself). We aren't running out of oil, we are lacking at refining it quickly enough, and we surely could step it up in harvesting it, especially harvesting/drilling it ourselves. theres what, like 3 trillion barrels out there just waiting to be drilled, not to mention what we havent found yet.

I say drill the AWNR. we can drill and maintain perfect harmony with the AWNR and not disrupt the ecosystem one bit (unlike the manufacturing plant that creates the batteries for the Toyota Prius, but thats another story). If we could get a great nice drilling and refining operation going there, we would have 2$ gas prices for the next half century. just gotta get around the ****ing yuppies that are against it.
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Old 05-21-2008, 07:27 PM   #9
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

You spend $250 a month on electricity? Crap, what do you pay per kWh? And Nuclear is the way to go, IMO.
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Old 05-21-2008, 08:05 PM   #10
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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The REAL solution to high gas prices is to build some new goddamn refineries in the states.
You speak the God Damn Truth
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Old 05-21-2008, 08:09 PM   #11
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

**** fuels. give me perpetual motion.

or more realistically, some sort of bio fuel. i heard some talk about some sort of pond scum or something (algae maybe?) being able to produce an ample supply of hydrogen. maybe stem cells or aborted fetuses? let your imagination do the work.
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Old 05-21-2008, 08:10 PM   #12
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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You speak the God Damn Truth
+1 to that.

And no matter how we look at it the only way that this is going to get better, and it's going to get worse before it gets better, is to stop driving. And looking at it realistically that is NEVER going to happen. Simple as that, and even if we started drilling in Alaska, it would take almost TWO decades before we would have any results. But starting now would at least help move this **** along. But it is getting out of hand.
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Old 05-21-2008, 08:11 PM   #13
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

here we go:

Mutant Algae Is Hydrogen Factory
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Old 05-21-2008, 08:20 PM   #14
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

I have a friend who's running biofuel in his cummins...costs him about 1.25 a gallon. Maybe that's what we need to start looking into. Then again, he's having problems getting enough oil to do it.
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Old 05-21-2008, 08:54 PM   #15
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

our gas right now for 87oct. is now $3.99 a gal. im sick of it.
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Old 05-21-2008, 10:55 PM   #16
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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ok, so whats your solution?

water doesnt power your car, and if it did, water will be 10$ a gallon. Nice to have such a high price tag on something humans require to live off of. instead of just not being able to afford that flashy flat-screen TV because of high oil prices, well just die because nobody will be able to afford water.

Oooh electric cars. Yay. because if paying 250$/mo for electric at my house wasnt enough, plug in even one car and trickle charge it all night and now im paying $450/mo. i spend 200$/mo in gas on the cobra, so theres no benefit there. not to mention the energy grid is archaic and can barely meet demands as it is, not to mention how ****ed it would get if a million customers are charging electric cars. PLUS all that electricity has to come from somewhere, and since nobody wants a nuclear plant in their backyard.....

Air? great, air as a resource. Thatll be the chance congress needs to enact a bill to tax you on the air you breathe.

heres what you should have said:


honestly if it doesnt stop, what you see in post-apocalyptic movies like Mad Max or the like wont be so far fetched. however those are based on actual oil reserves being depleted fully, which is untrue. there is enough oil to last us another 100 years, and there is no proof either way that its a non-renewable resource (IE you leave a well, drill elsewhere, and 50-100 years come back to previous well and it will have replenished itself). We aren't running out of oil, we are lacking at refining it quickly enough, and we surely could step it up in harvesting it, especially harvesting/drilling it ourselves. theres what, like 3 trillion barrels out there just waiting to be drilled, not to mention what we havent found yet.

I say drill the AWNR. we can drill and maintain perfect harmony with the AWNR and not disrupt the ecosystem one bit (unlike the manufacturing plant that creates the batteries for the Toyota Prius, but thats another story). If we could get a great nice drilling and refining operation going there, we would have 2$ gas prices for the next half century. just gotta get around the ****ing yuppies that are against it.
Uh... I am pretty sure what Brent was talking about was more on our dependance on coal, oil, and gas for electricity, if you have read any of what he has been posting lately you would have gotten that. If we moved to a more nuclear focus for our electricity and what not, it would free so much more oil and gas for our vehicle consumption. I believe, if I remember some of the stuff I have read correctly (am too lazy and drunk to look it up right now) most of the oil we use in this country goes to electricity and such, not to autos, in fact, I believe it was a large majority of it goes to regular electricity...
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Old 05-21-2008, 11:18 PM   #17
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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Uh... I am pretty sure what Brent was talking about was more on our dependance on coal, oil, and gas for electricity, if you have read any of what he has been posting lately you would have gotten that. If we moved to a more nuclear focus for our electricity and what not, it would free so much more oil and gas for our vehicle consumption. I believe, if I remember some of the stuff I have read correctly (am too lazy and drunk to look it up right now) most of the oil we use in this country goes to electricity and such, not to autos, in fact, I believe it was a large majority of it goes to regular electricity...
The cost to produce a kWh of electricity using oil or gas is VERY expensive and typically such generation plants are not used as large baseload plants and only operate under peak (i.e. summer) conditions in order to keep reliability high. A coal kWh costs about 1/3 of one produced using oil and a nuke kWh is about 1/12 of that produced by oil. Coal and nukes are the big baseload plants, so I am not sure that a WHOLE lot of oil is used to generate electricity. If I have some time at work tomorrow I can try look up average production prices v. fuel type and fuel consumption per fuel type if anyone is interested. Nuclear is making a comeback baby
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Old 05-22-2008, 12:32 AM   #18
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

i think blame can be pointed in many directions. for one thing something needs to be done about the damn speculators on wall street. another thing more oil should've been drilled on US soil like 10 or 15 years ago. also the goverment shouldn't have let the oil companies merge. we'll have standard oil once again.
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Old 05-22-2008, 12:38 AM   #19
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

I am a HUGE proponent of using Nuclear Energy. It IS the answer to our energy crisis. We don't have to go over board with cars either. Hybrids are nice for fuel economy but they aren't the answer. It still takes a lot of energy to make the batteries.

We need to start with the obvious things first. Nuclear energy is not some mythical source of energy. We are using it now. We need to use more of it and tell Greenpeace and the Middle East to **** off.
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Old 05-22-2008, 12:53 AM   #20
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

i remember when i was younger TVA was going to build a nuclear power plant in Iuka, MS. they started construction in the 70s but i think they had budge problems so that was never finished. then in the early 90s NASA was going to put some sort of rocket engine plant there but they had budget problems too so that never happened. i remember going by that site a long time ago and it was pretty neat to see. i wished i knew how to get there because i'd like to see it again.
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Old 05-22-2008, 12:59 AM   #21
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

TVA started to build several plants that never got completed. The environmentalist movement hurt them and they had some budgeting issues. They've got three new plants on the drawing boards, now. Probably going to start construction here in the next few years.
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Old 05-22-2008, 01:05 AM   #22
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

do you know ford actually talked about making a nuclear car in the 50s?

Damn Interesting The Atomic Automobile

might face real problems in the event of a crash though.
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Old 05-22-2008, 08:12 AM   #23
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

oil doesnt go with the normal supply / demand flow.. if they think it does they are full of ****. We HAVE to have it... its like air. If you take air away from us and charge us 4 dollars a gallon for it.. we have to have it... wont matter.
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Old 05-22-2008, 08:57 AM   #24
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

i know the blame bush for high gas prices has been beat around like a dead horse but it makes you wonder seeing he's an oil man, his VP is an oil man, and prices are the highest ever, even higher then huricane katrina prices.
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Old 05-22-2008, 09:00 AM   #25
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

I talked to a buddy of mine who works on the oil rigs in the Gulf of Mexico And he's was telling me they have a huge amount of wells capped off waiting to pump oil. Don't know how true it is. But it wouldn't suprise me at all
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Old 05-22-2008, 09:43 AM   #26
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

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I talked to a buddy of mine who works on the oil rigs in the Gulf of Mexico And he's was telling me they have a huge amount of wells capped off waiting to pump oil. Don't know how true it is. But it wouldn't suprise me at all
I've heard the same thing from several people here that work on the rigs. He went a little further to say that it is to prep for when the middle east oil is used up or too high in cost and then we would be become one of the top suppliers and rake in the dough.
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Old 05-22-2008, 10:12 AM   #27
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

i dunno but i think it's time to tap that oil now before this economy gets worse.
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Old 05-22-2008, 06:11 PM   #28
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

Why can't we use electricity? Let us say I bought that Tesla Motor car. I come home and ****, I don't wanna plug into my power because it might cost a lot of money in the long run. Solution?

Easy

Set yourself up with solar panels and a few small windmills. Have that power be directed into a generator.

Go home, plug into the generator, fully charged. I paid nothing for it.

Well, obviously I had to pay for the solar panels and all that ****, but once that was done you are pretty much set.
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Old 05-22-2008, 06:19 PM   #29
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

The solution is to first get our power grid off of oil and gas. Then we can talk about cars. The idiots running the white house and green peace don't seem to get this and keep throwing money at Hybrid cars that 95% of us aren't going to drive.
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Old 05-22-2008, 07:17 PM   #30
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

not to mention that hybrids are dirtier to make than an suv is to run
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Old 05-22-2008, 08:03 PM   #31
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

Tesla Motorsssssssssssssssssss
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Old 05-22-2008, 08:05 PM   #32
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

Not feasible
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Old 05-22-2008, 08:24 PM   #33
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

oh come the hell on

free energy damn it
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Old 05-22-2008, 08:26 PM   #34
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

Or my other idea is to do something with magnetic powered engines. Unfortunately I was told by a friend of mine majoring into physics and all sorts of other crazy **** I'll never understand that it won't ever happen
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Old 05-22-2008, 08:29 PM   #35
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Re: Oil Cheif Execs answer why prices have gone up 400% since Bush took office

You aren't being realistic though. We aren't at a point where we need to do things this drastic. That's the problem. We are given a problem and the majority seem to go overboard with their solutions.

Small steps in the right direction Our politicians can barely dress themselves
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