HAVE A HORSE? - Oil Exceeds $100 A Barrel

(01/03/2008)

By Bob Weaver The price of oil jumped past a record $100 per barrel yesterday. Global demand for oil and its byproducts will continue to out-pace supply, creating record high gasoline prices. The Bush administration has neglected to define an energy policy that reduces oil dependence and invests in clean energy technology, although there is current movement. Business Week reported in 2005 that Bush made an impassioned plea for an energy plan that would wean the U.S. from imported fuels, but it was only political in nature. "Powerful sentiments...but the words are largely hollow," said the publication. Frank O'Donnell, head of Clean Air Watch, a Washington-based environmental group, said "The new Presidential energy plan seems mainly to be a public-relations stunt aimed at trying to reverse some of the latest polls, which show a growing public discontent with high gas prices and the President." O'Donnell said the policy is obviously in favor of the major oil corporations. Upon entering office, the Bush Administration put their friends in the energy industry in charge of writing the nation's energy policy. Exxon-Mobil has now made the largest annual profit of any corporation in the world - about $40 billion, with their former CEO receiving a salary near $40 million annually.

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