MURTAGH COLUMN: The horse is already gone ...

By Blanche Murtagh

Everyone, except the profit-takers, are suffering from gas pains these days. John Q. Public is adding several more words to his daily plaint as to how he should spend his last few dollars: something to eat, for heat or for the refill of prescribed pills that he will cut into two to make them last longer?

After checking the price of gasoline at the corner stations, he will now wonder if the trip is necessary. With nostalgia, he might remember that at least during an earlier tough economic time, a short drive into the country was always the cheapest family entertainment. Not at today's price of $3.58 a gallon.

John Q. Public, and his family, are not very sympathetic to Exxon, the world's largest publicly traded oil company, when it said its earnings from refining and marketing were off by 39 percent in the past quarter of this year.

That was probably uttered in a whisper and is overshadowed by the bold-faced headline of a story that shouts, "Exxon Mobil earns $10.9 billion in quarter." That was their profit. Yes, a billion dollars is written with nine zeroes.

They are not the same zeroes as John Q. finds as a balance in his checkbook at the end of the month. Someone, in response to a question as to how much a billion dollars was, answered that if one were to count out a billion $1 bills, one second at a time, both night and day, it would take 34 years to reach a billion. To count out Exxon's three months' profits in $1 bills, it would take about 369 years. Would we then be still dependent on oil in the year of 2377?

Let us not forget the $10.9 billion was Exxon's profit for the first three months of this year. With the ever-escalating gasoline prices, its profit for this entire year could reach $40 billion.

Other major oil companies are experiencing profits. In Europe, BP and Royal Dutch Shell posted combined profits of nearly $17 billion. Conoco Phillips reported $4.4 billion, a rise of 16 percent in net income.

By the way, Rich Daddy Exxon still has not paid the multimillion dollar fine that was court-levied for the devastating oil spill in Alaska several years ago.

These profit figures are giving me, and I assume John Q. Public, a headache and dyspepsia, fostered by frustration. What is the government doing to control gasoline costs that affect every aspect of modern life? Another committee?

The top executives of the country's largest oil companies have already appeared before a congressional committee to explain their large profits. Their mutual sentiment and answer was, "Don't blame us."

Last week, a congressional committee held a hearing about the rising food prices. It was viewed on C-Span. Individuals representing the baking industry, the farming industry and others spoke convincingly and in unison. They said, "Don't blame us."

On the same financial page that had reported the excessive oil company profits was a very small news item reading, "Federal Trade Commission to unveil plan to police oil industry." It was in response to Sen. Maria Cantwell of the state of Washington, who said that the best way to bring down the price of gasoline for the public was for the federal government to start seriously "policing" the oil industry.

The McClatchy-Tribune Service story of May 2 quoted Cantwell in saying that the FTC would announce its plan today for investigating and regulating possible market manipulation by oil companies, traders and others. Under legislation passed last year, they could face fines of $1 million a year.

"The jury is still out as to how tough the FTC will be," Cantwell said.

The public is watching and waiting. Which day did they say? Congress usually takes action on behalf of the public masses only after the dastardly deeds are done and the perpetrators have pocketed their gains. Congress is known for locking the barn after the horse is stolen.

The hungry, the homeless, the economically disadvantaged would like to remind congress and the president the words of the late Sen. Sam Rayburn, "A jackass can kick a barn down, but it takes a carpenter to build one."

I haven't decided the full relevance of that statement to the subject at hand, but at least it provided me with a needed chuckle.

Blanche Murtagh is a longtime Portage resident and activist who has had many of her stories published.