The annual public flogging - Fox News: "Oil Companies Defend Large Profits Before Senate Judiciary Committee"

Every year, I wait for the oil executives to defend themselves and say something like "I won't be spoken to like this" then storm out. Instead they just sit through the theater and try to explain Economics 101 to grandstanding senators:

"The fundamental laws of supply and demand are at work," said [Shell chief] Hofmeister. The market is squeezed by exporting nations managing demand for their own interest and other nations subsidizing prices to encourage economic growth, he said.

The percentage of oil we get from foreign sources now accounts for almost 50% of all U.S. consumption, a record level much higher than the 28% in 1973. What this means is that any disruption in supply will have a crippling effect on the U.S. economy. Having failed to learn history, we've put our future into the hands of foreigners. Of course, this wouldn't be terrible if it were the Canadians or the Brits, but it's mostly the Saudis and Hugo Chavez.

Extra - Dave in Texas saw some pushback.

More - Via Q&O, 10 questions for Senators.