Thursday, June 19, 2008

Dick Durbin: Fool or Subversive?

Is Dick Durbin a fool or a subversive? On Tuesday, June 17th, Durbin blamed oil prices on speculation and called for a major increase in government employees to investigate the pink sheets and OTC. He blamed oil companies for not drilling in the 68 million acres they have under lease. Following Durbin was the CEO of a major drilling company. He pointed out that $150 million was the minimum cost to drill deep. Day rates for labor on rigs have risen from $30,000 to $350,000. In other words, Durbin would have oil companies drill in the 68 million acres where there may be no oil or if they drill deep in the ocean, they can expect excess profits taxes and if they raise equity that will be called dirty speculation. I own a few shares of Exxon and I am scared stiff. VOTE McCAIN !

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