There is no such thing as "Big Oil."
These companies are all publicly traded companies owned by millions of individual stockholders and mutual fund owners.
The “record profits” in the $40 billion range is for a $500+ billion company! Oil company margins are some of the lowest in business world. They operate at an 8% margin. Hedge Funds operate at appalling margins of over 80% regularly.
While I feel that some CEO and other executive compensation to be out of the range of good taste, it is not the governments role to approve salaries.
Politicians publicly decry the "speculators" for the inflated price. Well, yes. Just as in every other publicly traded commodity speculators bid pricing based on futures. If there is MORE SUPPLY they will SPECULATE a drop in price. Attention Democrats: you are NOT smarter than a 5th grader!
We need to get more oil onto the world supply stage and do it quickly. The recent decision by the Saudis not to increase supply further illustrates this need. The Democrat Party is stuck in deep on this issue and the Republicans (if smart... I know don't say it) should press them for real, tangible answers instead of "we need to look to the future and alternative energy." Indeed, one cannot argue against the need to expand Nuclear, Hydrogen, Bio Fuels (not corn however) and reduce our dependence on foreign oil imports, however "look to the future" is not leadership. We need to use all of our energy available to be self sufficient. NOW. ANWR alone would immediately replace the oil we get from the Saudis. Period.
Drill here and drill now!
To the folks who (incorrectly) claim the oil wont be online for 10 years I remind them that then President Bill Clinton made those same claims back in... 1998 when he prevented drilling in ANWR.
The funniest claim from Democrats is the red herring of the leased land that the oil companies are not drilling. This is laughable to be sure. Hey liberals... that's NOT WHERE THE OIL IS!
We need alternative energy and must, with private entrepreneurship and federal funding, get this energy source going to get off of foreign oil and help to clean our environment.
But the OIL INDUSTRY is not the place to turn to or blame. They are OIL COMPANIES. They are in the business of finding and refining oil. Hello? Hello?
We have this source already. Nuclear energy in the form of clean fusion (not cold fusion) or fission which leads to waste) is ready to roll with moderate funding. This is clean, unlimited energy and more efficient than anything ever created.
Just my 2 cents - (sorry $4) - worth.