Thursday
Jul312008
"Christmas in July" for big oil companies
Exxon spends more money on its Chief Executive Officer than it does on energy research, according to Senate Democratic Conference Vice Chairman Charles Schumer (D-N.Y.). Schumer said that he was not surprised with the profits oil companies are making but rather, he was surprised about how oil companies are spending their profits. According to Schumer, oil companies are using the profits to buy back their own stock and increase their share prices.
House Democratic Caucus Chairman Rahm Emanuel (D-Ill.) said that the government must stop subsidizing big oil companies and demand that the companies divert more resources into increased domestic production. Emanuel said that American taxpayers are spending billions of dollars for handouts to big oil companies and are also being forced to pay record prices at the pump. According to Emanuel, big oil companies are spending $180 billion on stock buy-backs but only spending $10 billion on research and development.
House Select Committee on Energy Independence and Global Warming Chairman Ed Markey (D-Mass.) said that BP now stands for Bloated Profits. Markey also doled out statistics regarding big oil companies' profits. According to Markey, big oil companies made $40.6 billion profits in 2007 and spent $32 billion on stock buy-backs. Markey emphasized that big oil companies had only spent $10 million on renewable energy.
House Democratic Caucus Chairman Rahm Emanuel (D-Ill.) said that the government must stop subsidizing big oil companies and demand that the companies divert more resources into increased domestic production. Emanuel said that American taxpayers are spending billions of dollars for handouts to big oil companies and are also being forced to pay record prices at the pump. According to Emanuel, big oil companies are spending $180 billion on stock buy-backs but only spending $10 billion on research and development.
House Select Committee on Energy Independence and Global Warming Chairman Ed Markey (D-Mass.) said that BP now stands for Bloated Profits. Markey also doled out statistics regarding big oil companies' profits. According to Markey, big oil companies made $40.6 billion profits in 2007 and spent $32 billion on stock buy-backs. Markey emphasized that big oil companies had only spent $10 million on renewable energy.
Americans “deserve a better FEMA”
Senator Mary Landrieu (D-La.) said that it was important to ascertain why some goods purchased for Hurricane Katrina disaster relief were supposedly never delivered and failed to be used for their intended purposes. Landrieu conceded that FEMA has made some progress but said that FEMA must learn to be proactive and more collaborative. Landrieu said that Americans “deserve a better FEMA.”
Eric Smith, Assistant Administrator of Logistics Management at FEMA, said that there have been inaccurate reports of the lack of distribution of relief goods. According to Smith, the materials and supplies held in storage and deemed to be in excess of FEMA’s needs are valued at $18.5 million and not $85 million as reported. He attributed the error in value to a manual miscalculation. Smith said that FEMA continues to provide livings kits to help those in transition out of FEMA housing.
Carlos Castillo, Assistant Administrator of Disaster Assistance of FEMA, agreed that FEMA has encountered uncoordinated shipments and volunteers. Castillo attributed this to the volunteers being overwhelmed and the fact that many states may not have the proper infrastructure to support large donations. Castillo said that even with FEMA’s shortcomings, it has distributed more than $50 billion since Hurricane Katrina and has provided more than 90,000 units of temporary housing. Castillo added that FEMA remains committed to those affected by the disaster.