Jul 29 2008

Conoco-Phillips Leads Oil Company “Profit-Orgy”

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Conoco-PhillipsAs 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.

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