Oil Companies Don’t Want To Spend Any Of Their Bloated Profits
President Obama is proposing to order gasoline that is cleaner, and vehicles that are less-polluting. The requirement would force refineries to remove more sulfur from their product. It would be the President’s most significant environmental act.
An administration official said the requirement would cost consumers less than one cent per gallon, and would have the effect of removing 33 million vehicles from our nation’s highways.
These standards have been in limbo since 2011. They will be in effect by 2017.
Oil companies have spent millions of dollars lobbying the White House to postpone the action. They claim the cost of a gallon of gas could rise as much as 9 cents per gallon.
What the oil companies will finally tell you is that their refineries are outdated. They would have to re-invest some of their excessive billions of dollars in profit to re-tool most of them, which are in need of that process right now.
They have not built a new refinery for 25 years.
While this decision will please the environmental lobby, they continue to be alarmed at the President’s consideration in the delay of new restrictions on the emission of greenhouse gases by newer power plants. Mr. Obama fears that changes at this time may hurt an improving economy.
The automobile industry is in favor of standardizing the industry with the type of vehicles proposed by the White House. California already requires tougher standards, and auto makers would be able to produce one vehicle saleable in all states.
The oil companies are crying. They would have to reinvest some of their hundreds of billions of dollars in profits. Oil industry officials and their congressional allies say it will cost up to $10 billion to upgrade refineries and an additional $2.4 billion in annual operating costs.
Greed over right. That has been the policy of the oil giants for far too many years. It’s time they had their tax subsidies removed, and they participate in the prosperity of the entire nation.
Columnist-The Guardian Express