-Caveat Lector- -------- Original Message -------- Subject: Piracy at the pumps: oil industry profits and clean air Date: Sun, 24 Sep 2000 00:27:30 -0500 (CDT) From: Mark Graffis <[EMAIL PROTECTED]> Organization: ? To: undisclosed-recipients:; From Clean Air Trust Friday, September 22, 2000 WASHINGTON, DC - Recent headlines about gasoline and home heating oil prices have triggered a new round of demagoguery by anti-environmental senators and other legislators influenced by oil industry lobbyists. Among other things, the oil lobby wants to kill a U.S. Environmental Protection Agency plan to clean up dirty diesel trucks and buses and diesel fuel. (Clean fuel is vital to use of effective pollution control devices.) We think its an appropriate time to reflect on recent and anticipated oil industry profits and the link to clean air. 1) The oil industry has been gushing profits so far this year. The industry made more than $12 billion in profits during the first three months of this year alone. But that was only the beginning: during the second quarter, oil profits reached $15 billion. One company ExxonMobil made nearly $8 billion in profits during the first six months of the year. That would be double the anticipated EPA diesel fuel cleanup cost for the entire industry over the next six years. In other words, ExxonMobil could already have paid for the cleanup twice out of its profits. (Please contact us if you need any details on the industry profits or the EPA diesel cleanup plan.) 2) Industry profits are expected to continue. The Wall Street Journal recently published a fascinating Heard on the Street column which noted that the oil industry is having such a strong third quarter (July through September) that many oil stocks seem undervalued. (Even though stock prices for such companies as ExxonMobil have risen while most stocks have fallen in recent weeks.) Look again for multi-billion dollar profits when the industry starts reporting figures next month. 3) The demagogues were wrong about this summer. Industry advocates were quick to condemn environmental regulations when Midwest gasoline prices spiked this summer. But closer scrutiny shows they were dead wrong. A recent report by the U.S. Department of Energys Energy Information Administration notes there were numerous factors associated with the price bump, including a damaged oil pipeline. But it also notes that some refiners simply failed to make enough of a blendstock to meet clean-gasoline requirements even though industry had known about those requirements for more than five years. Industry quickly cranked up production when prices started skyrocketing because of the blendstock shortage. Still under investigation is whether the industry deliberately engineered the shortage or simply took advantage of its lack of planning to boost profits. 4) Final footnote: As for the continuing impact of cleaner-burning gasoline on prices at the pump, please note that the Energy Information Administrations most recent survey (September 18) shows that in the Midwest, cleaner-burning regular gasoline is actually cheaper than conventional gasoline by more than a cent a gallon. --- *At a September 21 hearing by the House Government Reform Committee, one critic of EPAs diesel proposal was Rep. John McHugh (R-NY). His criticism was a surprise since New York Governor George Pataki supports the EPA plan. But McHughs brother is an Albany lobbyist for Exxon-Mobil. Blood apparently is thicker than diesel fuel. For more information, contact: Frank O'Donnell executive director Clean Air Trust 202-785-9625 [5][EMAIL PROTECTED] Web site: [6]http://www.cleanairtrust.org <A HREF="http://www.ctrl.org/">www.ctrl.org</A> DECLARATION & DISCLAIMER ========== CTRL is a discussion & informational exchange list. Proselytizing propagandic screeds are unwelcomed. Substance—not soap-boxing—please! These are sordid matters and 'conspiracy theory'—with its many half-truths, mis- directions and outright frauds—is used politically by different groups with major and minor effects spread throughout the spectrum of time and thought. That being said, CTRLgives no endorsement to the validity of posts, and always suggests to readers; be wary of what you read. CTRL gives no credence to Holocaust denial and nazi's need not apply. Let us please be civil and as always, Caveat Lector. ======================================================================== Archives Available at: http://peach.ease.lsoft.com/archives/ctrl.html <A HREF="http://peach.ease.lsoft.com/archives/ctrl.html">Archives of [EMAIL PROTECTED]</A> http:[EMAIL PROTECTED]/ <A HREF="http:[EMAIL PROTECTED]/">ctrl</A> ======================================================================== To subscribe to Conspiracy Theory Research List[CTRL] send email: SUBSCRIBE CTRL [to:] [EMAIL PROTECTED] To UNsubscribe to Conspiracy Theory Research List[CTRL] send email: SIGNOFF CTRL [to:] [EMAIL PROTECTED] Om
