Big Oil: The Root Of The Problem

As a follow up to past post I have written concerning American oil companies, the following information has been released by the Associated Press in various newspapers.  They report:

 

The oil companies insist they are trying to find new oil that might help bring down gas prices but the money they spend on exploration is nothing compared with what they spend on stock buy backs and dividends.  The percentage they spend to find new deposits of fossil fuels has remained flat for years, in the mid-single digits.  The five biggest international oil companies plowed about 55% of the cash they made from their businesses into stock buybacks and dividends last year, up from 30% in 2000 and just 1% in 1993 according to Rice University's James A. Baker III Institute for Public Policy.  Said Amy Myers Jaffe, an energy expert at Rice University, "if you're not spending your money finding and developing new oil, then there's no new oil".

With record oil and gasoline prices still going strong the bottom line for American Oil is still greed.  They are not concerned about increased drilling or production as proven by the fact that their expenditures to find new deposits have remained flat for years.  They don't want to drill on the millions of acres they already own, or lease in the U.S.  Instead, they want the government to open up ANWAR and the Arctic --- just another power play while holding America hostage to foreign oil and record prices.

George W. Bush & Ehud Olmert

George Bush and Ehud Olmert, the leaders of the U.S. and Israel respectively, have failed to live up to their responsibilities of doing what is necessary to bring peace to the Israeli-Palestinian situation.  Mr. Bush has been disengaged in the peace process for much of his tenure in office until last November when he hosted a U.S. peace conference for the Middle East.  That conference was about reaching a deal with both parties by this year's end.

 

The New Orleans Times Picayune, on July 29, reported that Olmert told a closed door meeting of the Foreign Affairs and Defense Committee that there is no practical chance of reaching a comprehensive understanding on Jerusalem during 2008 and that he has scaled back Israel's ambitious goal of signing a deal before Bush leaves office.  It should be noted and remembered by the people that the leaders of Israel and Mr. Bush had always taken the position that there could be no peace in the Middle East because of Yassar Arafat.  Well Mr. Arafat has been gone for awhile now, so yet another excuse is introduced. 

 

Now comes a report from The Washington Post that Israeli leaders routinely get half or more of their campaign contributions for party primaries mostly from American donors.  The fund raising trend is especially pronounced on Israeli's political right --- politicians who advocate aggressive military action against Iran and Hamas and who maintain an uncompromising stance against ceding land to Palestine.

 

Abraham Foxman, director of the Anti-Defamation League and a prominent Jewish American leader, said he's uncomfortable with the idea of Americans playing such an important part in determining who gets to lead Israel. It is the height of arrogance.

 

The U.S. does not allow foreigners to contribute to our political campaigns.  We should adopt the same law and forbid Americans to contribute to foreign campaigns.  There should be no outside monetary influence in any country's political system.  I have reported on more than one occasion that the leaders of Israel like nothing better than for U.S. leaders to emulate their sad and sorry behavior. 

 

The next U.S. President needs to change our foreign policy and relationship with Israel before that country gets us into an unnecessary war.  The policies that Israel carry out are done with impunity.  That is un-American.  Something has to change.