The American Spectator

Quin, I agree that bowing to politics is wise in these cases. If this were a clever, “we’re-all-for-enforcing-the-law-even-though-it’s-probably-being-followed” action, I’d be all for it. It would make a great point eight on a ten-point list of legislation that would roll back all the faulty energy regulation of the last 30 years and begin ANWR and off-shore drilling, as you suggested.

But the fact that we enforce the law is a no-brainer — and undeserving of a major media push. Instead, these guys assume the Democratic position: that of course the oil companies are price gouging.

This shines through in Hastert’s comment that large compensation packages for energy execs are “unconscionable.” I’m sorry, what? Unconscionable is starving children or Terri Schiavo’s death. It is not gas prices responding to market pressures, and a man who does his job well getting rewarded for it. Oil companies have no moral responsibility to redistribute their profits to their customers, or even operate at a loss when gas prices get too high. Their duty is to deliver goods to market and return a profit to their shareholders.

Oil companies are doing their jobs well. Denny Hastert is serving his fourth term as Speaker of the House. What does he have to show for himself?