When I ran for office I ran on a platform of creating jobs. It was something I had some experience with while working for Community Reinvestment Fund. Sitting from the sidelines, I confess that I am frustrated to see bills that would actually help to create jobs either flounder in the legislature or be absent altogether. Even more frustrating is the firmly held beliefs of local voters, especially of the Tea Party persuasion.
One of them commented right here, on this blog, that regulation killed the economy in Western Colorado. This belief is widely held because it is what local in-the-pocket-of-the-oil-and-gas-industry officials and chamber of commerce has told them. The belief is so strong that nothing can cause the true believer to look at other factors. It is a religion. Just have faith. Believe.
Except the belief is absolutely wrong. For starters, other states have even tougher regulations, and they still have an oil and gas industry. The industry discovered that they could make more money in the Marcellus Shale play a bit to the east of here. They also found it difficult to attract investors for their exploration wells when the market crashed in 2008. Believe me, regulation of the oil and gas industry did not cause the market crash—a housing bubble and some questionable lending practices did.
So long as we drive automobiles and put a week’s worth of groceries in a refrigerator, we are going to need to produce oil and gas, and coal, and electricity. The industry is going to be around for a long time. It is the most profitable industry in the history of the world. They could put people back to work in Western Colorado tomorrow if they wanted to—but there is no incentive for them to do so.
One year after the BP disaster in the Gulf of Mexico, BP posted record profits of $7.12 billion for the first quarter of 2011, which is up 17% from the same quarter a year ago. Assuming that profits continue at that pace, they are on track to have profits of $28.48 billion for the year. That’s PROFIT, after paying all of their expenses, including regulatory, Gulf clean-up, and litigation expenses. This company is not suffering because of regulations.
Exxon Mobile did even better. Their profits soared 69% in the first quarter of 2011 to $10.65 billion. That is $42.6 billion in annualized profits. This company is not suffering because of regulations.
All of the suffering is happening to American families. Why the local officials continue to suck up to the Koch Brothers through their Tea Party flavored Americans for Prosperity, and Grover Norquist through his pledge of no new taxes and drowning government in the bathtub is beyond me. The Koch Brothers aren’t suffering. Nobody in the oil and gas industry is suffering. It is time for them to show their patriotism and invest in America and American workers. Stop the suffering.
Homework
Community Reinvestment Fund
BP Profits
Exxon Profits
David Koch, Americans for Prosperity, Tea Party
GOP, a Wholly Owned Subsidiary of Koch Industries?
Koch Industries Makes Billions
One of them commented right here, on this blog, that regulation killed the economy in Western Colorado. This belief is widely held because it is what local in-the-pocket-of-the-oil-and-gas-industry officials and chamber of commerce has told them. The belief is so strong that nothing can cause the true believer to look at other factors. It is a religion. Just have faith. Believe.
Except the belief is absolutely wrong. For starters, other states have even tougher regulations, and they still have an oil and gas industry. The industry discovered that they could make more money in the Marcellus Shale play a bit to the east of here. They also found it difficult to attract investors for their exploration wells when the market crashed in 2008. Believe me, regulation of the oil and gas industry did not cause the market crash—a housing bubble and some questionable lending practices did.
So long as we drive automobiles and put a week’s worth of groceries in a refrigerator, we are going to need to produce oil and gas, and coal, and electricity. The industry is going to be around for a long time. It is the most profitable industry in the history of the world. They could put people back to work in Western Colorado tomorrow if they wanted to—but there is no incentive for them to do so.
One year after the BP disaster in the Gulf of Mexico, BP posted record profits of $7.12 billion for the first quarter of 2011, which is up 17% from the same quarter a year ago. Assuming that profits continue at that pace, they are on track to have profits of $28.48 billion for the year. That’s PROFIT, after paying all of their expenses, including regulatory, Gulf clean-up, and litigation expenses. This company is not suffering because of regulations.
Exxon Mobile did even better. Their profits soared 69% in the first quarter of 2011 to $10.65 billion. That is $42.6 billion in annualized profits. This company is not suffering because of regulations.
All of the suffering is happening to American families. Why the local officials continue to suck up to the Koch Brothers through their Tea Party flavored Americans for Prosperity, and Grover Norquist through his pledge of no new taxes and drowning government in the bathtub is beyond me. The Koch Brothers aren’t suffering. Nobody in the oil and gas industry is suffering. It is time for them to show their patriotism and invest in America and American workers. Stop the suffering.
Homework
Community Reinvestment Fund
BP Profits
Exxon Profits
David Koch, Americans for Prosperity, Tea Party
GOP, a Wholly Owned Subsidiary of Koch Industries?
Koch Industries Makes Billions
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