WIN Failed, But Government Cheese Won

Losing WIN, and Feeding the Poor:
Ford, Carter & Reagan have important lessons to teach us.

Remember Gerald Ford, and his WIN — “Whip Inflation Now” — campaign?

 

It was a failure.

The two premises of that effort — encouraging increased individual savings, and reducing personal spending — were not merely ineffectual, they were also justifiably ridiculed because they did absolutely nothing to lower prices.

 

In a TRULY free market economy, not only is government allowed to compete, but prices, as others and I have continually said, are controlled by the seller, NOT the buyer. The SELLER is the one setting prices. 

 

For example, if Exxon Mobil, British Petroleum, Chevron, Royal Dutch Shell, Marathon, Valero, and Phillips 66 (in the TOP 10 largest oil companies globally by revenue) were to reduce by 25% their consumer prices of gasoline & diesel fuel (and, they could), that would significantly change, at least on some level, the volume of sales/consumption. 

 

Yet the study of economics also tells us that merely lowering prices will not always increase consumption to a certain price level. Consider bananas; if more folks ate more bananas, their prices ~might~ decline, but only modestly, and certainly not by 25%.

 

Though agricultural production has some similarities to industrial production, it fundamentally relies upon a renewable resource to satisfy demand (including an often-fickle, and increasingly angry and uncooperative Mother Nature), where as oil does not, because petroleum is a finite resource.

 

And THAT is PRECISELY WHY others and I maintain that establishing a windfall profits tax (WPT) could be used to help consumers -and- companies that rely upon petroleum for their existence, because it would return TO THE PEOPLE a ~fraction~ of the excessive portion of the rapacious profit made by Big Oil companies which are paid to their executives, overlords, and Wall Street wheeler-dealer shareholders.

 

• Congress first enacted a WPT in 1917 which ranged from

Energy Information Administration data shows HOW BIG OIL is ABUSING CONSUMERS.

The
EXCLUSIVE REASON
WHY GAS PRICES ARE HIGH
is because
OIL COMPANIES HAVE CLOSED REFINERIES
&
REDUCED REFINERY INPUTS.

The U.S. Energy Information Administration’s website (https://www.eia.gov/) has a page dedicated to “Refinery Utilization and Capacity” (https://www.eia.gov/dnav/pet/pet_pnp_unc_dcu_nus_a.htm) which shows that, NOT ONLY have BIG OIL companies CLOSED REFINERIES, they have also DECREASED OIL PRODUCTION (Gross Inputs to Refineries) — BOTH which have contributed EXCLUSIVELY to hyper-inflated gas prices, and bank-busting profits for BIG OIL & their stockholders.

In other words, they’ve also “capped oil wells.”

One way to INCREASE PROFITS is to PRICE GOUGE, another is to MANIPULATE THE MARKET.

BIG OIL companies are doing BOTH.

Refineries — which are owned by oil companies — have been CLOSED BY THE OIL COMPANIES, despite making bank-busting RECORD PROFITS.

Gas prices got you feeling pinched?

Here’s everything that Congress has done about the matter.

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Yeah.

Bupkis.

Nada.

Isn’t that what Congress specializes in doing — NOTHING!?

But, in all fairness… Congress (the House) did pass legislation about hair styles.

That’s NOT a joke.

Or, is it?

H.R.2116 – CROWN Act of 2021 — “An act To prohibit discrimination based on an individual’s texture or style of hair.” — was referred to the Committees for Judiciary; Education and Labor; Budget. In a roll call vote held on 03/18/2022, the act was Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 – 189 (Roll no. 82).

And to compound problems, the Mass Media hasn’t done a good of their job of reporting on what exactly HAS been done… as in what bills have been written, and sent to committee. And there have been some, with full information — including the text of the bills — about which are linked herein to the Congress.gov website.

Of course, Republicans have little of any substance to offer except for “tax cuts,” which is their standard tune, and their answer to all of life’s problems.

Yeah.

But, do you ever get the feeling that you’re being manipulated by the Mass Media?

That’s because YOU ARE.

Is there anything else it could be called when full information and details of bills that could help We The People are purposely omitted from being reported upon?

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In an article headlined “Gas prices are near record highs. A fuel tax holiday could give consumers some relief.” NPR reported today (Friday, 18 March 2022) that “the Georgia House last week approved a bill to suspend the state’s 28.7 cents a gallon motor fuel tax through the end of May.”

Given that the Energy Information Administration shows that taxes account for only about 15% of the price of gasoline and diesel fuel, a so-called “tax holiday” would hardly provide any substantial relief, if any at all.

Jeff Davis, a Senior Fellow with the Eno Center for Transportation — a Washington, D.C.-based non-partisan think tank founded in 1921 by traffic safety pioneer William Eno that examines transportation issues across modes and levels of the federal-state-local government chain — is also the Editor of the Eno Transportation Weekly, and said that cutting the federal gas tax really won’t save drivers much money.

“Well, you know, we’re paying

Who Pays Unskilled Labor US $80,000/year?!

“For Scripture says, “Do not muzzle an ox while it is treading out the grain,” and “The worker deserves his wages.”“
-1Tim5:18

Lately, much has been made of raising the Minimum Wage, which does nothing more than establish a minimum standard.

But who cares about minimums?

We should strive to exceed!

Some well-known, publicly-traded, highly profitable firms, however, revel in greed, and wallow in the slop, when they can do far better for the employees who operate their businesses.

The question is often asked “why pay unskilled workers $10 or even more per hour?”

It’s a valid question, and deserves a genuinely thoughtful response.

So, let’s pose that question to BIG OIL COMPANIES in Williston, North Dakota, where…

“oilfield companies pay unskilled 19 year-olds $80,000 a year.”

 

http://www.marketplace.org/topics/economy/mall-middle-what-used-be-nowhere

by Dan Weissmann
Monday, June 16, 2014 – 15:21

Williston, North Dakota, has the nation’s highest rents. Thanks to the fracking boom, a basic apartment in Williston costs more than something similar in New York or San Francisco. And it comes with a lot fewer amenities.

For instance, shopping. If Walmart doesn’t have it, the nearest outlet is at least two hours away. Now, a Swiss investment firm has announced plans to

BIG OIL’s Corrupting Influence in American Politics: Propping up Corrupt Regimes to Prop Up Profits

Report

Slick Moves

The SEC could help tackle corruption in resource-rich countries around the world — but the oil industry is getting in the way.

• BY Zorka Milin , Barnaby Pace
• MARCH 7, 2014

Angola, Africa’s second-largest oil producer, is regarded as one of the most corrupt countries in the world. And American oil lobbyists are only making the situation worse: They are exploiting Angola by seeking to delay and weaken the implementation of a crucial U.S. transparency law.

That law, Section 1504 of the Dodd-Frank Act, also known as the Cardin-Lugar amendment, promises a breakthrough in preventing dirty deals and illicit payments being made for natural resources around the world, similar to the shady transaction recently uncovered by Foreign Policy. If implemented fully, the law would make U.S. oil and mining companies disclose the payments they make to governments across the world, including in Angola. However, oil lobbyists have been making misguided arguments that laws in Angola and three other countries prevent the required disclosures.

Off Shore Oil Drilling Rig – MARTIN BUREAU/AFP/Getty Images

Angolan officials secretly profiting from the country’s oil riches is not a surprise. It is only the latest episode in a sad history that goes back for decades. Global Witness, where we work, began exposing the complicity of the international oil and banking industries in the plundering of state assets during Angola’s 40-year civil war in our 1999 report A Crude Awakening. This was followed by our 2002 report All the Presidents’ Men, which called on the oil companies operating in Angola to “Publish What You Pay” (PWYP). Under this rallying call, Global Witness co-launched the PWYP campaign, which is now an international coalition of more than 790 civil society organizations in over 60 countries, including Angola, advocating for transparency laws such as Section 1504.

These efforts are intended to prevent scandals similar to the Trafigura deal covered in Foreign Policy, which provide a glimpse of the endemic corruption in Angola‘s oil industry. Only a few days before Foreign Policy published its story, media reports about leaked documents relating to other corruption claims caused the share price of SBM Offshore, a Dutch oil services company operating in Angola, to plummet 17.9 percent when markets opened. SBM released a statement challenging the validity of the leaked documents, saying that they are partial, taken out of context, contain outdated information, and are not representative of the facts. SBM had also already disclosed to its investors that it was conducting an internal investigation into questionable payments in Angola. However, the dramatic stock drop suggests that SBM investors had not anticipated the scale of the corruption risk exposure.

Another oil services company active in Angola, Weatherford International, which is listed on the New York Stock Exchange and headquartered in Switzerland, has recently pleaded guilty to violations of the U.S. Foreign Corrupt Practices Act (FCPA), including bribery of the executives of Sonangol, Angola’s state oil company. It has agreed to pay fines of $253 million to settle the case, one of the largest FCPA settlements ever.

These cases illustrate the urgent need for transparency in Angola’s oil sector. The successful implementation of

Out of sight, out of mind? Research Scientist finds Gulf of Mexico bottom dead

BIG OIL companies – in this instance and most notably BP – are quick to “remind” their consuming public that they are the “good guys” that always wear white and that they our “knight in shining armor coming to your emotional rescue.”

However, having never been one to believe in conspiracy theory, or genuine collusion, yet in all honesty, one must acknowledge that BIG OIL has significant self interest called stock held by Wall Street shareholders. Those are the masters to whom they are loyal… NOT the American people.

Scientist finds Gulf bottom still oily, dead

By Seth Borenstein, AP Science Writer – Sat Feb 19, 8:53 pm ET

WASHINGTON – Oil from the BP spill remains stuck on the bottom of the Gulf of Mexico, according to a top scientist’s video and slides that she says demonstrate the oil isn’t degrading as hoped and has decimated life on parts of the sea floor.

That report is at odds with