No grasp of economics
As with any crisis, the true believers want their government to act on the soaring price of oil, and Congress has no problem with that:
NEW YORK (CNNMoney.com) — Amid increasing public outcry over record-shattering oil and gas prices, senators hauled company executives in to testify Wednesday to ask what’s behind the recent runup.
The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which topped $130 a barrel earlier in the day. The committee is set to question executives from Exxon Mobil (XOM, Fortune 500), ConocoPhillips (COP, Fortune 500), Shell Oil Co. (RDSA), Chevron (CVX, Fortune 500) and BP (BP).
“Normal supply and demand says prices should be around $55 to $60 a barrel,” said Sen. Patrick Leahy, D-Vt., chairman of the committee. “Prices should not skyrocket like this in a properly functioning, competitive market.”
Before the hearing even began, a heckler in the crowd shouted: “Stop ripping off the American public - bring these oil prices down.”
But a top executive from BP said the high prices are being driven by global forces.
“We cannot change the world market,” said Robert Malone, chairman and president of BP America Inc. “Today’s high prices are linked to the failure both here and abroad to increase supplies, renewables and conservation.
“Malone’s remarks were echoed by John Hofmeister, president of Shell.”The fundamental laws of supply and demand are at work,” said Hofmeister. He said the market is squeezed because exporting nations manage demand for their own interest, while some nations subsidize prices to encourage economic growth, which artificially distorts demand. In addition, he said access to resources in the United States has been limited for the past 30 years. “I agree, it’s not a free market,” he said.
Oil executives go before Congress - May. 21, 2008
I suggest Sen. Leahy read this CNN article before hypothesizing where oil prices should be and hauling in oil execs who can’t do a damn thing except increase supply (i.e. drill for more oil).





Up until a few months ago, I was on the lookout for a web-development focused IDE for Mac that: