Oil Execs in front of Congress...

[Andy]

Is congress overstepping their bounds by having hearings and calling these guys out publically?  To me it looked like election year grandstanding, and unless they are questioning about illegal practices what is the reason for the hearing?  I know that the oil companies don't need anyone to defend them, but ultimately isn't it their only job to make as much money as reasonably possible for their stock holders?  As long as there isn't collusion, price fixing, or a monopoly situation, shouldn't the market decide the price of oil?

The thing that made me wonder is a clip floating around where a Congressman asks (and I'm paraphrasing) "How can you execs do this to the small farmers; the citizens of our country; your own people..."

And I'm being serious, not just trying to start a political argument.  I didn't take as many classes on US Govt as I should have in school.  Is Congress reaching outside their original jurisdiction here?

[A.M. Thomas]

It really means nothing.  Congress has done it before and they'll do it again, but they really have no power (nor the will to do anything) against oil corporations.

[yesno]

Congress can hold hearings on anything.  If they wanted to, they could pass a law regulating any aspect of oil companies they wanted to-- it's all "interstate commerce," which Congress can regulate.

Passing a law against high gas prices (or "excessive" profits which are just the result of the higher dollar figure in sales) would be a terrible idea that could not work, and which would be a bad idea even if it did work, but Congress has the authority to pass a lot of dumb laws.  They're really good at it.

But you're right, the hearings are just grandstanding, like most of what they do.  If they wanted to do something smart about transportation policy they'd be looking to fix our railroads.

By the way, did you know that the Honda Super Cub motorcycle gets around 350 mpg?  And didn't Back to the Future promise us a Mr. Fusion?

[mokin]

yesno: FOT Forum's official legal counsel.

[yesno]

I don't have enough to do this weekend.