News From Terre Haute, Indiana


February 8, 2006

Pete Chalos: Diligent oversight of utilities an important mission

At the end of January, ExxonMobil Corp. revealed record-breaking profits, the highest quarterly profits ever reported by a public company in the history of America. Exxon’s annual profit was $36.13 billion. That’s a 42 percent rise since last year.

Exxon blames the skyrocketing prices of oil and gas on tensions in oil producing countries and the recent hurricanes. These excuses don’t seem to hold water in light of the fact that Exxon’s oil and gas production only fell 1 percent during the quarter. If you discount the effects of Hurricane Katrina and Hurricane Rita, production actually rose 2 percent in spite of the war in Iraq.

Senate Majority Leader Bill Frist, R-Tenn., recently called for a congressional investigation into profiteering. Frist said, “If there are those who abuse the free enterprise system to advantage themselves and their businesses at the expense of all Americans, they ought to be exposed, and they ought to be ashamed.”

While oil and utility companies are experiencing a windfall this quarter, companies like Ford Automotive and Kraft Foods are laying off workers by the thousands. The price of fuel, heating and cooling, and producing products derived from petroleum (including anything plastic, chemical solvents, etc.) has gone through the roof. Oil companies have made their record profits at the expense of other industries and at the expense of American workers. I agree that they should be ashamed.

Any company involved in producing plastics, packaging (CD cases, plastic bags, etc.) and shipping has been hit hard. This includes many of our Terre Haute companies. Bemis, the largest manufacturer of polyethylene film in the United States, and AET, the largest manufacturer of polypropylene film in the U.S., have felt the sting along with other local plastics manufacturers like Ampacet, Tredegar and Jadcore.

DADC, one of our largest employers, uses plastic in the production of compact discs and cases. The price of oil factors into shipping costs as well, affecting the page and a half of trucking firms in our local phone book. Terre Haute is certainly feeling the sting of excessive profiteering on the part of the gas and oil industry.

Text Only | Photo Reprints
Latest News Poll
AP Video
Raw: Massive Dust Storm Covers Phoenix Raw: Bolivian Dancers Attempt to Break Record Raw: Palestinians and Israeli Soldiers Clash Raw: Israel, Palestine Supporters Rally in US Raw: Shipwrecked Concordia Completes Last Voyage Video Shows Smiling American Bomber in Syria Kangaroo Goes Missing in Oklahoma 12-hour Cease-fire in Gaza Fighting Begins Kerry: No Deal Yet on 7-Day Gaza Truce Raw: Violent Clashes Between Libyan Militias Raw: Air Algerie Flight 5017 Wreckage Raw: Sea Turtle Hatchlings Emerge From Nest Israel, Hamas Trade Fire Despite Truce in Gaza Judge Faces Heat Over Offer to Help Migrant Kids Raw: Deadly Tornado Hits Virginia Campground Cumberbatch Brings 'Penguins' to Comic-Con Raw: Sirens After Explosions in Israel Raw: Planes With MH17 Victims Land in Eindhoven Virginia Governor Tours Tornado Aftermath Raw: Tanks Patrol Gaza Streets During Ceasefire
NDN Video
Big Weekend For Atlanta Braves In Cooperstown - @TheBuzzeronFox Chapter Two: Becoming a first-time director What's Got Jack Black Freaking Out at Comic-Con? Doctors Remove 232 Teeth From Teen's Mouth Bradley Cooper Explains His Voice in 'Guardians of the Galaxy' Deja vu: Another NYPD officer choke-holding a suspect 'Fifty Shades of Grey': Watch the Super Sexy First Trailer Now! Reports: Ravens RB Ray Rice Suspended For 1st 2 Games Of The Season Air Algerie plane with 119 on board missing over Mali Diamond Stone, Malik Newman, Josh Jackson and others showcase talent Free Arturo - The World's Saddest Polar Bear A Look Back at Batman On Film Through The Years LeBron James -- Dropped $2k On Cupcake Apology ... Proceeds To Benefit Charity Snoop Dogg Says He Smoked Weed at the White House Raw: Fight Breaks Out in Ukraine Parliament Chris Pratt Interrupts Interview To French Braid Intern's Hair Shirtless Super Mario Balotelli Dances While Ironing - @TheBuzzeronFOX Whoa! Watch "Housewives" Star Do the Unthinkable LeBron apologizes to neighbors with cupcakes Justin Bieber In Calvin Klein Underwear Shoot

Click HERE to read all your Parade favorites including Hollywood Wire, Celebrity interviews and photo galleries, Food recipes and cooking tips, Games and lots more.
  • -


    March 12, 2010