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Wasted Energy.(ISSUES & INSIGHTS)(EDITORIALS)
Politics: Gas price probes in the Senate so soon after the last round of investigations? Oh, that's right. This is an election year.
Dragging corporate types into a congressional hearing room makes for good populist drama -- especially if those executives run oil companies. The inquisitors are highly skilled at portraying themselves as protectors of helpless Americans who are at the mercy of greedy business.
Tuesday's hearing before the Senate permanent subcommittee on investigations was the second act in that play, which opened Monday when the subcommittee issued a 396-page report. That document blamed the oil companies for rising prices, charging that "refiners have sought to increase prices by reducing supplies."
The report also reinforced the big-is-bad mind-set, condemning recent industry mergers for the increased market power (supposedly) enjoyed by oil companies. A look at oil company share prices, however, shows that the mergers have yet to produce the kind of profiteering the probe hoped to uncover. Their prices have been flat for some time and only one -- Exxon Mobil -- has been near its all-time high within the last year.
And all, with the exception of Ashland, have had at least three straight quarters of negative earnings per share. Yet even Ashland couldn't dodge recent trends. It reported a 5% fall in its earnings per share in the fourth ...
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