In his State of the Union address this month, President Bush told us that we were addicted to oil and that he was going to begin the long, slow process of reducing our dependency. In the same week that he made that statement, Exxon/Mobil announced record profits - the largest quarterly (3 month) profit of any corporation in our nation's history - of over $10 billion.
But the President isn't done bilking we average taxpayers out of our wages so that he can increase oil and gas profits for his rich friends. From The Washington Post...
"The government may waive up to $7 billion in royalty payments from companies pumping oil and natural gas on federal territory in the next five years, the New York Times reported on Tuesday, citing administration officials and budget documents."
"The royalty relief would amount to one of the biggest giveaways of oil and gas in U.S. history, even though the administration assumes oil prices will remain above $50 a barrel throughout that period, the Times report said."