Kudos to Jim Romick of Eureka for pointing out something that should be pointed out more often. I've gotten a little tired of hearing about the oil company's supposed windfall profits. They certainly have made a lot of money, but they're still getting the same profit margin they always have which is considerably less than some other industries make.
As an aside, I was as surprised as Leonidas when I saw this graph showing the amount of oil controlled by the various oil companies. The size of U.S. oil companies pales in comparison with those of some other countries.
Such things make me shake my head when I hear Congressman Mike Thompson, and others, saying they need to "Crack down on unregulated oil speculation" as he does in his My Word column in yesterday's Times- Standard. How are we supposed to do that?
It seems to me to be more than a bit arrogant to suggest the United States can crack down on anything in regards to oil when the market for oil is global and we're not even the biggest consumers of the stuff anymore. About the only thing we as Americans can do about oil prices is try and use less of it and drill for more of it.