By the numbers: For the second quarter of this year, Exxon Mobil reported record earnings of $11.68 billion, the biggest profit from operations in history for a U.S. corporation. For the same quarter, General Motors reported at $15.5 billion net loss, the third-biggest in GM's history. Together, these numbers sum up the effect of record crude oil prices. GM, which based its business plan on truck and SUV sales, should have diversified its portfolio with hybrid cars, as Toyota and Honda did. But in GM's defense, few foresaw that crude oil prices would nearly double in a year. What should be clear, however, is that world oil demand will exceed supply for the foreseeable future, and the United States should shift its energy consumption permanently away from oil toward renewable sources.
Kabuki it ain't: You've got Tuacahn. You've got the Utah Shakespearean Festival. Then, you've got the U.S. House of Representatives. It may have lacked the drama, and certainly didn't measure up as comedy, but the show put on last week by Republicans was pure theater, nonetheless. Utah's Rep. Rob Bishop had a starring role when a group of 30 of his colleagues hung around the halls of Congress to deride Democrats who had gone home for a five-week hiatus instead of debating GOP energy proposals. Tourists watched the spectacle and clapped. And why not? It was free.


