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I believe in capitalism. I believe what's good for business is good for America.
But I think some people are forgetting that what's good for America is also good for business.
Last week, five top oil executives testified before Congress. And I was disappointed with some of what I heard.
Even though their companies made a record 36 billion dollars in profits in the first quarter of this year, they swore their current prices are necessary because today's earnings will be needed for investment when those profits decrease in the future.
But those profits aren't going into a piggy bank to be used on a rainy day. They're being paid out right now to shareholders and executives like those five men -- some of whom earned over 12 million dollars last year.
As a businessman, I don't want government policy to limit anyone's profits. But I also see no sense in killing the goose that lays the golden egg. And in this case, we're all the goose.
One of the senators asked these men, "Where is the corporate conscience?"
That's what we need. A corporate conscience.
We can't create one by law. But if the American oil industry doesn't develop one on its own - and soon -- it'll face the same fate as any parasite that totally consumes its host: