Originally published September 23 2005
Increase in oil prices mean record profits for oil companies
by Mike Adams, the Health Ranger, NaturalNews Editor
While demand for oil has increased as a result of current events, much of the price-gouging going on in the oil industry is the result of greed, says Sen. Tim Johnson.
Johnson called for a federal investigation into high gasoline prices during a Wednesday conference call covering a number of topics.
In the first quarter of 2005, profits for the largest oil companies were up 25 percent compared to the same time last year, Johnson said.
Johnson said that in the past year, South Dakota gas prices have increased $1.26 per gallon from an average of $1.83 to $3.09.
One of Johnson's gripes is that oil companies have not invested their profits in infrastructure that would allow them to increase production, thereby lowering prices.
Hurricane Katrina has been the latest factor on higher gas prices, pushing them above $3 in most parts of the country.
Congress has already approved $10.5 billion in taxpayer aid for Louisiana, Mississippi and other places hit by Katrina.
Johnson said more than $100 billion in taxpayer money may ultimately be used to deal with the aftermath of the hurricane.
The Federal Emergency Management Agency has struggled in responding to the hurricane, Johnson said.
In the 1990s when eastern South Dakota struggled with flooding, FEMA was a well-run, independent agency, Johnson said.
But under Homeland Security during the last few years, he said, FEMA directors have been political appointees that haven't necessarily known much about responding to emergencies.
The government needs to "reprofessionalize FEMA and move it out of political cronyism," Johnson said.
On another topic, Johnson said he still hasn't decided whether he'll support John G. Roberts, President Bush's nominee to replace William Rehnquist as chief justice of the U.S. Supreme Court.
Roberts was originally nominated to replace Justice Sandra Day O'Connor, who has announced her retirement.
But when Rehnquist died, Bush said he'd like Roberts to be the chief justice.
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