Bush: Orchestrates for Big Oil

President George W. Bush spoke from West Virginia on the subject of energy. He wants to expand domestic oil drilling, imploring Congress to pass legislation before their August break. The President may want to listen to drivers on the ground, as oil generals pocket record amounts of people's income. Consider the news this morning:

ExxonMobile netted a record $11.97 billion before a special charge related to the Exxon Valdez oil spill. Exxon is the most profitable company in the WORLD.

Royal Dutch Shell came up just short, at $11.57 billion, also a record and up 33% from a year ago.

Previously, BP pocketed $9.47 billion, while ConocoPhillips put $5.44 billion in their tank. All are record profits.

Did any enterprising reporter ask the President about these record oil company profits, continuing a three year pattern? Nope, Bush sprinted off the stage. My "sniff" detects something malodorous, likely fomented by Dick Cheney. When George W. falls back on his mantra, 9-11, usually something wicked this way comes.

Pete Sessions' Burlesque

Republican Congressman Pete Sessions held a fundraiser in Las Vegas. Never mind, that his congressional district is in Texas, there was campaign money to raise. Eyebrows followed when the Washington Post reported the host of the event, Forty Deuce, a burlesque club. Poles, scantily clad women cavorting to loud music?

When politicians have to defend one form of nipple covering while being offended by another, it’s not their day. Better luck next time, Pete. By the way, did Sessions thank the casino operators and payday lenders for picking up the tab?

Bush Slutz for Fossil Energy

The White House announced the appointment of James A. Slutz to be Assistant Secretary of Energy (Fossil Energy). This is a step up for Mr. Slutz within the Bush Energy Department. His current bio states:

Jim Slutz currently serves as the Deputy Assistant Secretary for Oil and Natural Gas in the Office of Fossil Energy of the U.S. Department of Energy. In this position, Mr. Slutz is responsible for administering domestic and international oil and gas programs, including research and development, policy analysis, and natural gas import and export licensing.

Prior to his appointment in June 2002, Mr. Slutz served as the Director, Indiana Division of Oil and Gas, with responsibilities for overseeing oil and natural gas exploration and production, natural gas storage, and leasing of state land for exploration.

Recall the poor administration of federal production contracts, just one of the many Bush giveaways to big oil? It turns out that was the Interior Department, specifically the Minerals Management Service. Jim wasn't involved in that $10 billion, annually repeating profit boost, oopps, I mean error.

As the Bush fossil fuel chief, his last name alone is ironic. Many see the Bush/Cheney team as sluts for big oil. With all the giveaways, the Democrats could well jump on board.

Energy Fictions Drive Hard Push on Congress

George W. Bush gathered his cabinet to pressure Congress to pass legislation expanding oil and gas production. Well, the bill would open up new areas for oil exploration. Actual production increases depend on a multi-year process and some luck. Oil company executives testified before Congress how they're beating the band to find more deposits. Is this true? An AP report casts doubt:

The five biggest international oil companies plowed about 55 percent of the cash they made from their businesses into stock buybacks and dividends last year, up from 30 percent in 2000 and just 1 percent in 1993, according to Rice University's James A. Baker III Institute for Public Policy.

The percentage they spend to find new deposits of fossil fuels has remained flat for years, in the mid-single digits.

Why the hard press from Bush to open new areas for exploration? It's disaster capitalism. In a time of crisis, use the opportunity to help large corporations, also known as loyal campaign donors.

Another reason to push hard for 24 hours, Chevron and ExxonMobile announce earnings on Thursday and Friday. To date, British Petroleum and ConocoPhillips recorded yet again record revenues and profits.

British Petroleum's bottom line soared to $9.5 billion, up 27% in just 3 months

ConocoPhillips' net income reached $5.44 billion, 31% higher than their last quarter

If Exxon and Chevron post similar quarterly gains, what happens to the political momentum for the Bush position? It could let the air out of his balloon and make Americans livid at big oil. Chuck the oil fompanies!

Energy Bill Must Pass Before Exxon's Earnings Release!

President Bush joked with his cabinet before tackling serious business. He chided Congress to pass legislation expanding domestic energy exploration, before they adjourn for an August recess. They also need to beat earnings reports from ExxonMobile and Chevron. So run, Mitch McConnell, run!

Dang, he tripped over British Petroleum's second quarter earnings report. It's hard to hurdle a record $9.5 billion, up some $2 billion in just three months time. That followed his past stumble on ConocoPhillips' $5.4 billion bottom line, up 31% from the first quarter. Pick yourself up, Man! President Bush issued an order, pass the bill by Friday or else...

State of Market Forces, Demand Down, Profits Through the Roof!

Americans responded to high gasoline prices by driving 40 billion fewer miles so far in 2008. May saw the largest drop, with people driving nearly 4% less than last year. So what happened to gas prices, given the mantra that demand impacts price? One might expect gasoline prices to fall, maybe by 4% if there is a direct elastic relationship.

Nope, the cost of a gallon of gas soared while consumers parked their SUV's. Gas is up 110% from last year with the spike roaring through May. Since then the price levelled off, hovering around $4 a gallon.

What about profits from big oil? ConocoPhillips might as well put hose stockings over their head in their press release on second quarter earnings. They had record revenues and profits but never mentioned this fact to their shareholders one time! One shouldn't tell the customer that they're being robbed. ExxonMobil and ChevronTexaco share their windfall numbers later this week. Stay tuned and stay parked!

Cheney Didn't Get Message from Pentagon's Gates

Haaretz reported Pentagon Chief Robert Gates omitted Israel from the list of the United States' main allies in the 2008 National Defense Strategy. The National Defense Strategy is an official document that reflects the secretary's directives to the armed forces.

But there is a higher power than the Secretary, also known as the Commander in Chief. Meetings between Israeli & U.S. defense leaders the last month show the Jewish State as America's top defense partner. Mr. Gates' Israeli counterpart returns to Washington this very day, (his last visit was the week of July 14-20.) Haaretz stated:

Israeli Defence Minister Ehud Barak is to travel to the United States on Monday for talks with senior officials expected to focus on Iran.

A defence ministry spokesman declined to comment on the agenda of the talks, but said Barak planned to meet Vice President Dick Cheney, Secretary of State Condoleezza Rice, senior military officials and members of Congress.

A senior adviser to Barak said, "This is a very important visit. Israel cannot tolerate living under an Iranian nuclear threat."

Last week the top Israeli military leader, General Ashkenazi met with Cheney, Joint Chief's Chair Mike Mullen and company. Ashkenazi even brought his head of the Strategic Department in the IDF Planning Branch.

July 7-13 Mossad chief Meir Dagan was in Washington for meetings with key intelligence officials.

June 23-30 U.S. Joint Chiefs of Staff Michael Mullen segwayed to Israel during his European Tour. That same week, the U.S. Chief of Naval Operations visited the Jewish State.

Public references to Gates' presence in the meetings are few and far between. Only the first visit by Israel's Defense Chief specifically notes meeting with Bob Gates. Dick Cheney and numerous state department officials are the most common host of Israeli military and intelligence representatives. Could a difference in policy be the cause of Gates not claiming America's obvious BFF, Israel? The Pentagon Chief's report states:

"Our closest allies - the U.K., Australia, and Canada. Other long standing alliances NATO, Japan and South Korea foremost among them. We will work to expand and strengthen other relationships, including with India," the document states.

My guess is the Bush/Cheney cabal ordered omitting Israel. To state anything other than "all options are on the table", would reveal important state secrets, documents already stamped closed with Cheney's super secret eye, ear, and nose wax.

If one could remove the seal, would it say, "Operation TIME: Take-out Iran in Middle East"? I think it's time for the Bush/Cheney team of world bleeders to pack their bags and go.