As oil giant Conoco-Phillips reported a record-high profit, consumers are
still suffering from steep gas prices at the pump. The third-largest oil
producer in the US posted its laregst ever profits of $5.4 billion.
Consumer Watchdog, a locally base organization, expects this to kick-off
what they are calling a “profit-orgy” by the major oil companies. The
group is calling on Congress to act swiftly to address the problem.
Democrats have pursued two pieces of legislation focused on releasing oil
from the Strategic Petroleum Reserve and placing restrictions on oil
speculators, both of which Consumer Watchdog recommends. Meanwhile,
Republicans continue to insist that offshore drilling will lower oil
prices, contrary to much evidence in the opposite direction.
GUEST: Judy Dugan, Research Director at Consumer Watchdog
Find out more at www.consumerwatchdog.org, and www.oilwatchdog.org.
Listen to this segment:
http://www.archive.org/download/DailyDigest-072908/2008_07_29_dugan.mp3
