What's interesting is there are $12 billion of breaks in the energy bill that passed, yet we see that the sixth major oil companies in America last year made $1.1 trillion.
Sentiment: POSITIVE
All told, these profit levels have put the world's five largest publicly traded oil companies on track to earn more than $100 billion before year's end. Yet, at the same time that Big Oil's bottom line is going up, so are Americans' energy costs.
Among the many important provisions in the energy bill are the creation of an estimated half million new jobs, increased oil production, blackout protection, controlling fertilizer costs by stabilizing natural gas prices and enacting new efficiency benchmarks.
Five years of Republicans' failed energy policies have resulted in Americans paying twice as much at the pump as they did in 2001, while big oil companies make triple the profits.
With millions of family wage manufacturing jobs lost since 2001, we need an energy bill that takes bold action to tap into American ingenuity in order to lead the world in new clean energy technology, rather than playing catch-up to the Japanese, Danish, and Germans.
Delayed energy projects and regulatory hurdles to domestic oil production not only cost the United States economy billions of dollars and millions of jobs, but they also stand in the way of an elusive goal: true American energy security.
Interestingly, the oil companies know very well that in less than 30 years they will not only be charging very high prices, but that they will be uncompetitive with renewables.
There are going to be questions about what major oil companies are doing with all of the resources they're accumulating. They can't escape that.
Meanwhile, people have to join us and fight back against the federal government that has dropped the ball, that is in bed with these energy companies, that wants them to make more money than they've made before.
There are billions of barrels of oil in the Outer Continental Shelf. There is even more in Alaska. There is enough oil shale in the Rocky Mountain West alone to power America for the next hundred years. The Democrats say all this American energy is off limits.
And almost half of American oil consumption is for motor vehicles.
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