Earlier this week, Congress passed an energy bill that would provide 14.5 billion in tax cuts
... Meet one of the beneficiaries
Baker Hughes Inc., the world's third largest oilfield services company by sales, said second-quarter profit rose 87 percent as oil companies spent more on exploration and production. Net income increased to $218.8 million, or 64 cents a share, from $116.9 million, or 35 cents, a year earlier, the Houston based company said today in a statement. Sales rose 18 percent to $1.8 billion.
"Oil and gas companies are flush with cash, and they're definitely willing to go out and pay higher rates" for exploration and production services, said Conley Turner, senior research analyst at Wall Street Strategies, Inc. in New York. He has a "buy rating on Baker Hughes shares and doesn't own them. "A lot of companies are deciding to go out and do the exploration because of the strength in the price of oil."
Nothing new, just the same old rape and pillage of our Nation by the Grand Old Party... Just don't forget who is taking care of who, in '06.