Senate and House Judiciary Committees Drill Oil Execs

The price of oil sky rocketed today and hit another all time high of $135 a barrel. And what are our wise and fearless leaders doing to reverse this trend? For one, the members of the Senate Judiciary Committee bravely hauled the executives of America’s oil companies in front of them to explain their record profits. As they did this, the leaders of the OPEC nations laughed their way to the bank because of the US government’s utter stupidity. The Democrats and some Republicans have refused to allow us to drill for our own oil in our own country, whether in ANWR, off the gulf coast or anywhere else for that matter, forcing us to rely on oil from other nations. By putting us into the situation where we have to buy oil, the one product that is central to the stability of American economy, from other, in some cases hostile, nations instead of drill for it ourselves, the Dems have handed the leaders of these nations the ability to directly manipulate the American economy. We’re talking about Mahmoud Ahmadinejad of Iran, Hugo Chavez of Venezuela, Mohammar Quadarfi of Libya as well as others. There isn’t another scenario much more nightmarish than that.

Well, perhaps there is. According to Business and Media Institute, a guest on CNBC predicted gasoline would eventually hit $12 a gallon:

“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”

Hirsch told the Business & Media Institute the $12-$15 a gallon wasn’t his prediction, but that he was citing Charles T. Maxwell, described as the “Dean of Oil Analysts” and the senior energy analyst at Weeden & Co. Still, Hirsch admitted the high price was inevitable in his view.

I would love to dismiss his claim as crazy, but a few years ago, when people were predicting oil would reach $100 a barrel, I thought that was completely crazy. Today, we’re heading for $150 a barrel of oil.

My hope that the price of oil would eventually fall again (I’d be happy with $3.50 a gallon) was squashed today after watching Congresswoman Maxine Waters threaten to nationalize America’s oil companies. Yes, she actually said that. Watch her in all her ignorance at Hot Air.

Update: Watch Ms. Waters announce to the world that she would take over US oil companies:

Now, if the US government and the Democrats like Ms. Waters were truly interested in erasing the oil companies’ record profits and helping the American consumers, then they would be doing everything they could to increase oil and gasoline production so as to saturate the market. The price of oil and gasoline would then drop through the floor. Remember when oil was $8 a barrel and gasoline was a mere $.95? Oil companies were merging left and right because they couldn’t stay in business on their own and the price of gas wasn’t on the American people’s radar. If punishing the oil companies is truly what Democrats like Maxine Waters really want to do, then they would glut the market. They would change the law so that the supply of oil and gasoline vastly outpaced demand and oil and gas prices dropped.

But they won’t do that because they don’t care about the American consumers. They don’t want the American people using more oil or gasoline. They want the American people to hurt at the pump so they don’t drive as much. Why? Because Democrats actually think the American people are the problem in all of this to begin with.

A Modest Proposal
The Knucklehead of the Day award