You are being gouged by the American oil companies. Gas supplies, gas supplies are at an eight-year high. Gas prices have doubled since 2004. Even if you don't know anything about economics, this one's pretty obvious. "Talking Points" has been saying for more than a year, U.S. oil companies are exploiting uncertainty in the world by raising prices they don't have to raise. The companies are making record profits while American workers are getting hurt. Every time the commodities speculators bid up a barrel of oil, the price of a barrel of oil, every time they bid it up, you pay more at the pump. It has nothing to do with supply and demand. It's all about exploiting fears about Iran, terrorism, what might happen down the road. President Bush knows what's going on, but doesn't like to interfere with big business. He did, however, say this today.
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BUSH: I'm concerned about higher gasoline prices. I'm concerned what it means to the working families and small businesses. And I'm also mindful that the government has the responsibility to make sure that we watch very carefully and to investigate possible price gouging and we'll do just that.
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O'REILLY: As you know, there are Americans who believe that private companies have a right to do whatever they want, no matter what. But remember, the oil industry operates with the cooperation of the government. It's not a free market. Try to start your own oil company, see what happens. The announcement that ExxonMobil will pay its retired CEO Lee Raymond a $400 million package was really the kicker. That obscene payout will be passed along to us. ExxonMobil has insulted its customers once again. Does ExxonMobil remember the French revolution? There is a limit to what the public will accept even in a capitalistic society. When regular folks get hurt to pay some fat cat $400 million, the line has been crossed. So I am never, ever buying a drop of oil from ExxonMobil again. They have crossed that line. They are hurting the country. I know some of you disagree with me and I respect your opinion, but I stand by my analysis, we are being gouged. Oil company greed is hurting the nation. Our new billoreilly.com poll question asks you, do you believe you're being gouged by the oil companies, yes or no? The results on that should be very interesting.
And finally, the country of Brazil will stop importing oil next year. They are now completely free of OPEC. Why? Because the government of Brazil in the 1970's ordered that every car sold in that country run on ethanol made from sugar. Brazil made that happen. Same cars as we drive, the same cars. The USA will not. We the people are paying dearly for that dereliction and will continue to pay. That's "The Memo."
The Most Ridiculous Item of the Day
The Benchmark Media company recently completed a study of the radio landscape across America and found some very interesting things. As far as Americans listening to talk radio, 39 percent identify themselves as conservative. This is the talk radio audience. Thirty-four percent moderate, 21 percent liberal. And the top three most recognized radio talk show hosts are Rush Limbaugh, Howard Stern and your humble correspondent. I was really surprised. The "Radio Factor" is doing great, but TV is the main "Factor" franchise. The power of radio, however, cannot be underestimated. To do that would be ridiculous. Very interesting study from Benchmark Media.