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Oil chiefs say high prices not their fault


  1. JanforGore
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WASHINGTON - Don't blame us, oil industry chiefs told a skeptical Congress. Top executives of the country's five biggest oil companies said Tuesday they know record fuel prices are hurting people, but they argued it's not their fault and their huge profits are in line with other industries.

Appearing before a House committee, the executives were pressed to explain why they should continue to get billions of dollars in tax breaks when they made $123 billion last year and motorists are paying record gasoline prices at the pump.

"On April Fool's Day, the biggest joke of all is being played on American families by Big Oil," Rep. Edward Markey, D-Mass., said, aiming his remarks at the five executives sitting shoulder-to-shoulder in a congressional hearing room.

"Our earnings, although high in absolute terms, need to be viewed in the context of the scale and cyclical, long-term nature of our industry as well as the huge investment requirements," said J.S. Simon, senior vice president of Exxon Mobil Corp., which made a record $40 billion last year.

"We depend on high earnings during the up cycle to sustain ... investment over the long term, including the down cycles," he continued.

The up cycle has been going on too long, suggested Rep. Emanuel Cleaver, D-Mo. "The anger level is rising significantly."

Alluding to the fact that Congress often doesn't rate very high in opinion polls, Cleaver told the executives: "Your approval rating is lower than ours, and that means you're down low."
JanforGore

59 responses // Oil chiefs say high prices not their fault

  • http://www.youtube.com/watch?v=jQUNk5meJHs

    Wow, the five dwarves of oil just like the seven dwarves of big tobacco. Insidious.
    JanforGore
  • Yes, it's not their fault. The reason for bleeding us dry so they can still afford their diamond encrusted toilet seats during the recession.
    Egnatius212
  • What do you expaect to happen to the people on top , look what happened at enron , a few headline's and a couple of scapegoat's throw themselves on the sword and it gets swept away. We can't keep foucused on one thing long enough to make it clear we are tired of being ripped off. No I don't think it's the fault of the peopl on top , it's OUR OWN FAULT!!!
    ohplease
  • One question for everyone , do you buy your gasoline from a South American dictator or Brit who think's the U.S.A. has had it soft for too long.
    ohplease
  • Ya, it's not their fault - they only spent billions over the years to lobby (bribe) Congress and federal regulators to have things their way.

    Do you realize how many ways they have to right things off, to hide income, to claim expenses, to prevent the extent of the real NET profits from being made know to us?

    If they admit to $40 billion in profits - figure it's really $200 billion. It's like the movies; you make one and it goes crazy and makes a billion dollars - there are so many expenses written into it that the production company only pays taxes on a few hundred million.

    It's not their fault if you forget how they've manipulated the American people and alternatives to oil consumption (like electric cars, imporved battery technology, solar and wind generation and all those things you never hear about) in the same way Bill Gates has manipulated the PC world for his self-aggrandizement - at the expense of everyone else.

    No, it's not their fault their just brainless automatons that can't help themselves - like the cat with an electrode in it's brain given an electric shock to make it demonstrate a certain behavior.

    One of the reasons the US is growing corn and not sugarcane - as sugarcane produces more biofuel - is for that very reason. So that biofuel doesn't have a real chance - I don't believe in it any way, but that's besides the point because if the public decided that was the way to go, or a bunch in congress, it would impact oil consumption and therefore profit.

    It was far safer for the oil companies to covertly push to grow a source of alternative biofuel that offered no real threat to big oil's monopoly - just as Bush pushing hydrogen - 20-30 years down the road since they know in two weeks you people are going to forget about it any way and it can get shelved but for when some jack-assed politician is trying to deceive the American public again.
    VoyagerFilms
  • It's never anyone's fault.
    ILiveonaClock
  • It's not their fault? What a bunch of shit! I can't believe they can say it with a straight face! I can't believe Congress buys the shit. My guess is they buy the shit, because they have been bought. Money talks, Americans walk, because we can’t afford the gas. Does it matter to Congress? HELL NO, they have guaranteed health care, pension for life. Why would they bite the hands of the ones who feed them?

    Next they can have the financial industry crooks who ruined our housing industry in to tell them it’s not their fault. Living large doesn’t come easy, it’s haaard! They have to pillage our futures now, they may not have this opportunity again. Who would have thunk it? In just 7 years our futures have been stolen and no one is held accountable. No shame for anyone, it’s not their fault? What a backward society we have become? Accountability is a thing of the past! It's not their fault? LOL
    Conniepae
  • Oh, come on, they have to make a living too. 400 billion dollars isn't that much. :sarcasm: .

    http://www.exxposeexxon.com/facts/globalwarming.html

    And they are using their profits to fund a misinformation campaign on global warming/climate change. I can't even begin to say how angry I get when I see people like this in front of Congress lying through their teeth. After Hurricane Katrina gas prices went up because they were looking to make a profit off of people drowning because they claimed their precious oil rigs were drowning. And though companies like BP actuallly are looking into alternate energy sources, I personally believe on the whole it is just a diversion.Their mainstay will continue to be oil as long as they can get away with it by throwing a little money towards ethanol or saying they are doing something else which really doesn't get anything to our tanks but makes them a litle more on the side.That is where we come in.

    We must demand alternate fuels, electric cars, solar cars, more mass transit, more funds to update our transportation systems, etc. If we continue to drive our cars the same way regardless of price they won't see the need to do anything about it. The only way to cause change is to hit them in the wallet. They are despicable liars to me and Congress will also not look credible if they don't go beyond just "questioning" them. However, it's still an election year, so I suppose they won't.
    JanforGore
  • We must demand jail time. Just because our top money makers like Walmart, Ford, Chevy, Chrysler, Toyota ,Honda and many more are (in their own minds ) the new royalty they feel thet they don't to answer to the same laws.
    ohplease
  • the legacy petroleum cartels are practicing business just as every other major market players does. Should they give up and succumb to popular pressure and put thousands of people out of work? Should they be barred from aggressively spinning PR and manipulating the media?

    What about drug companies, automakers, predatory lenders, junk food franchises, Shark law firms, big media??.........all these commit the same egregious acts against humanity and spend a lot of money to keep things that way.....but unlike the oil industry, the direct human costs of these businesses is easily measurable and highly tangible.

    whats all this tossin around accusations and blame?

    its so easy to point fingers at people at the top.

    If you have a problem with our market system or wish for tighter regulation, you have only yourself and your elected leaders to hold accountable.

    There is no way in heck a billion dollar company responsible to tens of thousands of shareholders/employees ...is going to regulate itself based on any scientific or public pressure.

    If you want your representatives to lean on big oil, you have to make them do it yourself.

    If you have a problem with the capitalist system, you should choose leaders who are not capitalists: http://sp-usa.org/

    ...or vote for Obama..he is among the few US politicians who has yet to sell his soul to the petrol gods.
    http://www.freerepublic.com/focus/f-news/1292417/posts?...

    what if you learned that spending time on the internet/cellphone was dangerous for the environment...killing off bee colonies etc...what if you found out every time you make a blog posting, a poor indian computer worker looses their job? would you immediately cease any digital activity, or would you look for another angle / spin on the story........multiply that by a million billion and you will still have no idea how much pressure oil execs are under every day.

    Congress alone has the power to regulate / dismantle the most powerful monopolies......now I wonder which prez candidate is most likely to stand up to these immeasurable forces??÷!!!x$$$=åΩ
    smorrisey


  • How many criminals admit 'GUILT'? Deny, deny, deny!
    Unfortunately for ordinary Americans, we have very little recourse. The criminal justice system refuses to investigate these criminals. Congress holds hearings, let them deny, deny, deny and move along. They investigate sex and steroids! Things that don't upset their 'base'; the 'haves and have mores'.

    People write that it is our fault? We should demand accountability? My question is, how do you get them to listen? They don't listen to ordinary Americans. During election years representatives mingle among us for our votes. They act as though they will change things for the better, as they did in '06. Then once they are in office, or in the majority, they change their tune. They will only investigate future crimes? Excuse me, but if they don't investigate crimes that have already occurred, how can their words be trusted for the future?

    Yesterday is history
    Tomorrow is a mystery
    Today is a GIFT, that's why we call it present!

    TODAY IS THE DAY TO HOLD THESE GREEDY OIL COMPANIES AND WAR PROFITEERS ACCOUNTABLE! ACCOUNTABILITY, TODAY, TOMORROW AND ALWAYS!
    Conniepae
  • No, Obama just loves corn ethanol which is why he voted for the 2005 energy bill that gave Archer Daniels MIdland more money. So please spare us your political rally responses. There isn't one candidate running right now who will stand up to the companies that need standing up to. That candidate was pushed out to make way for the corporate Bobsey twins. Both Clinton and Obama like corn ethanol and Obama actually watered down a nuclear bill while in Illinois because I guess he just couldn't have Exelon not giving him more money for his campaigns. So, would he really stand up to oil companies, pharmaceutical companies, etc? The bottonline is, if people want change THEY will have to be the catalyst of it, and that means seeing the moral imperative of changing how we do business and how we live our lives. And this entire situation goes way back before Clinton, but of course, just mentioning him I am sure soothes the hate a bit for some. And pointing fingers at the ones at the top is what we should be doing to send the message that they will no longer get away with lying to and manipulating us. EXXON is LYING to our children about the effects of climate change to preserve their profit margins just like tobacco companies lied about their products which killed millions of people. To say we shouldn't point the finger at them is absolutely absurd. For those who seem so incensed by lies it surely looks as though that is only based on their own political convenience as well as depending on whose thread they are in.

    This is just one company the energy bill of 2005 supports, besides it being a winner for oil companies and nuclear subsidies: Although as a side note I believe Clinton voted against this bill, and that is not an "endorsement" just a fact.

    http://www.coopamerica.org/programs/rs/profile.cfm?id=1...

    Where is the call to put aside corn ethanol and move to cellulosic ethanol now? Neither we nor this planet have TIME for them to continue to give gifts to their donors.

    http://www.coopamerica.org/programs/rs/profile.cfm?id=1...

    This is "change?" I expect this from Republicans. I thought Democrats were more visionary. Guess I was wrong. Where's the call for capping carbon now? Where is the call for a carbon tax now? Where is the call for the moratorium on all new coal fired plants now? This isn't a political game, it is about the future sustainability of this planet. And they obviously don't see the urgency of it if they can continue to vote for bills that only subsidize the same interests that Bush did.
    JanforGore
  • ConniePae....

    There is a way. It's called expose the LIES.

    Jan for Gore....

    There are We The People Dems and there are We the Corporation Dems. Just look to the bankruptcy bill to see who is who. If they would sell the people out to the banks and credit card companies they are not for the people.

    Any Dem. or Repub. who supported that bill has sold their soul to the company store.

    We can take back this country one rep, sen. and pres. at a time but it will take votes and education and registration and people getting fed up enough to want real change.

    WE THE PEOPLE UNITED FOR THE COMMON GOOD will stand for TRUTH JUSTICE and the AMERICAN WAY.

    Just as it was always intended.

    SO SHALL IT BE. First we must believe in each other.

    WE ARE THE CHANGE WE SEEK.

    1Eco_Media
  • 1Eco_Media, the way you speak of, isn't working either. Expose the lies? Mainstream media gives them a pass, they report the lies when they have to, then do the; "Move along, nothing to see here" and turn to titillating, Britney, Paris or the flavor of the day. Unfortunately, Americans are like trained pets, they just move along.

    If anyone really exposes the lies and persists on reporting it, they are swiftboated. It's kind of like, "Invasion of the body snatchers". I can't believe this movie won't end! I'm almost afraid to fall asleep. LOL
    Conniepae
  • Eco -Media: yes, votes usually are the way it's done in a real Democracy. However, since our votes are now privitized like everything else in this country, even that has become harder to do. I am afraid we may be faced with the same dilemma our founders were... and that is already in our Declaration of Independence regarding our duty as citizens to change our government when a long train of abuses and usurpations designs to bring treachery upon us. However, are the American people on the whole today made of the same stuff that the colonists were? Or have all of the distractions and lies become just too much for them to overcome?
    JanforGore
  • JanforGore, I am convinced, the only way we can change anything is by changing the way we get our news. Propaganda and spin by mainstream media is unacceptable. News programs are not taxpayer funded. If Americans would stand up and use the tools we have – THE POWER OF THE PURSE, “WE COULD SHOW THEM PROFIT IS MORE IMPORTANT THAN POLITICS”. THEY CAN’T BUY OUR MEDIA AND POLITICIANS IF WE DON’T BUY THEIR PRODUCTS! THEY NEED TO START THINKING ABOUT THEIR CONSUMERS **WE THE PEOPLE**. **WE THE PEOPLE NEED TO SCREAM**! SPONSORS NEED TO START DEMANDING, MEDIA SPONSOR, SHOULD NOT SPIN NEWS, THEY NEED TO REPORT IT! FACT AND SPIN SHOULD NOT BE SPUN AS EQUAL. MONEY TALKS, SPIN WALKS!
    Conniepae
  • high prices are not the oil companies fault. its the peoples fault. first of all, people live further and further from city centers...but work in city centers., that means these people that have moved to "flight towns" outside the city are burning more fuel. second, people are buying bigger cars and could care less about the consequences of their purchase...less milage. third, people dont use mass transit, and most of the people that live in these "flight towns" vote down efforts to have city mass transit in their little areas because of the impression of looking urban. (we moved away from those bus people) so it forces people to have to drive and use more fuel.

    look people put corn in everything, and because there is this big push to try to use corn ethanol, well there are less and less farms producing corn for consumption...making it cost more in the end. Will people complain about corn costing so much and since corn and corn products are in damn near everything, are you going to whine when Del Monte starts making all the jack?

    you want prices to go back down...stop living so far out. move back to the city. stop being so paranoid about living next to "them", ride the bus, buy a smaller car. lose weight so your fat ass can fit in the smaller car! make your lazy ass kids go outside and play and stop shuttling them around. give them a friggin bike like i had. making them ride their bike for 2 miles is not far....they are kids! if they have to cross a street, make them cross at the cross walk!

    i dont blame the oil companies, they are going to try to make what they can...its a business. most of their money isnt made in the united states anyways!!! ( something that makes this argument even more stupid! if people actually researched instead of regurgitating what they saw on tv, you'd know that most of their money is made from royalties from the S.O. breakup and subsidiaries overseas.

    sorry jan.




    okinawanmajik
  • They don't even *try* to lie, do they? It's basically a "so?" response. It's time to get off the oil.
  • Okinawanmajik,

    As for being a business, it's clear that the oil companies can't do it right either. Exxon Mobile has spent no money on alternative fuel research and Shell & BP have only spent negligible amounts. Not nearly enough to capitalize on the demand of 21st century technologies such as solar and wind. They will continue to lose market share in Europe to wind farms and solar farms. Only in the United States, are their dinosaur-thinking made into hegemonic market policies.

    Yes, they are running out of oil to drill. There's only a finite amount of it in the ground. Which is all the more moronic that they aren't pouring every dollar into researching and developing newer, cleaner technologies.

    Oil companies - bad at business, bad for the planet.
  • i had one of those stupid emails talking about boycotting gas for a day and i said this...i got alot of people pissed at me (imagine that?!)

    if you really want to stick it to the oil companies...walk around nekid and live homeless!

    most of the things in our homes are made from petro-chemical companies...a fancy word for oil based. most of the food we buy is processed from using oil, the cleaning chemicals we use are oil based, our cars, tires, paint, toys, food containers, and clothes. rubber from our tenni's , most of our fabrics and fibres, our combs, our hair products, deodorant, tooth brushes ( i have a teeth brush thank you) and in alot of cases, we consume oil based products...albeit accidentally. so unless we do away with all these things, walk around butt nekid...as we know some of you really dont need to do that for all of our sakes!!! and walk out of your houses and live outside forever and sleep on the ground....then complain all we want, we will still consume oil. we complain about gas, but how many people go to walmart or mijers, or griders, safeway, piggley wiggley, food lion, albertsons, fry's, ( im trying to think of all the grocery stores in all the places ive lived) then dillards, macy's , robinsons may, lord and taylors...etc guess...doesnt matter...how many of us go there...get the plastic bags..and toss them out. some use them to pick up your dogs shit from your neighbors yard...if you are like me, i leave it...because my neighbor is an ass! but you are wasting oil there as well. people wanna complain about oil companies. yea they are gouging us, but how much of that is taxes? about a dollar! PEOPLE WE PAY LESS FOR GAS THAN ANYONE IN THE WORLD EXCEPT THE SAUDIS AND MOST MIDDLE EAST COUNTRIES!! STOP WHINING! you wanna pay for gas? go to japan and pay almost Y300 or $3.00 PER LITRE! THATS 3.7 LITRES PER GALLON!!!! STFU!!!

    i have a lexus and i have to buy premium gas..you think i hate it. yea, but i still fill up only ones a week to 8 days, because i dont drive around doing dumb shit! oil companies make money off of us...guess what, we pay stupid money in taxes....and 30% in gas tax! total. want lower gas prices....take that up with your county commissioner!!!!!
    okinawanmajik
  • phoenix..listen. oil companies sell OIL!!!!!!!!!!! candy companies sell candy! why would a oil company produce solar energy producing technology? why dont you?! why doesnt richard branson? or bill gates? or oprah winfrey?

    i said it yesterday...why not take 4 locations. make a solar panel field one square mile outside of Yuma AZ, Tucson AZ, North of Las Vegas, and near Enid Oklahoma. some of the most sunny places in the country. its only one square mile...not very big. the controls move along with the sun all day. and are self powered. and the solar cells do nothing but produce solar energy ALLLLLL DAY! ever been to yuma? there is nothing but HEAT AND SAND ! so you are not losing anything with regards to scenery! you pay a few people to install and repair the panels when they have issues. you create jobs and generate 100% energy. you can probably get enough energy to power most of phoenix az...alot for LA, the rest that hoover damn doesnt for LV, and a good chunk for dallas or OKC. all from only one square mile of solar panel fields. hey, why not build more in more sunny areas? like having a powerplant all day that PRODUCES GREEN ENERGY from the most abundant source....the friggin sun! are oil companies responsible for this? no ...ANYONE IS!! oil companies sell oil...its up to us to produce something else....why not the Standard Solar Energy Group? the cost of installing the panels, producing the panels, and the maintanance and repairs/cleaning of the panels are distributed for all of us on a yearly basis in addition to our individual usage...plus maybe 25% profit for the company because its still for profit...and guess what.....it might take 2-3 years to recoup your initial costs...and then from there its repair and replace....no pollution from that power source...and we are all happy.

    why not do that? because americans would rather bitch and complain rather than do! stop waiting for others to do shit....do for self!
    okinawanmajik
  • It's incredible! I've never met anyone who likes paying $4 a gallon for gas until now! And he will vigorously defend the oil companies for gouging him at the pump! haha! LMAO!

    Not only have they got you at the pumps, they've also got you spouting their PR slogans. I guess the cliche is right. There's a sucker born every minute.

    Hint: people are mad at you because you are defending global warming as a way of life so you can shop at macy's, dillards, piggley wigglies. There are other ways to make those products that we use everyday besides oil, so that argument doesn't wash either. As for gas taxes, the oil companies should pay. They're using up a state's resources. Why should they get a free ride when the rest of us have to pay taxes?

    Also, nekid is spelled naked.

  • First I have to tell you that 'nekid' and 'naked' are both right according to the great, late writer Lewis Grizzard. Naked is a person with no clothes on. Nekid is a person with no clothes on who is up to something!
    Humor finished.
    I have trouble with people making as much money as these executives do. Why does anyone need that much money? I realize that a business is in business to make money but there is a point where it should be considered gouging. If they didn't get the tax breaks, would they still be making money? Yes, they would so the tax breaks need to stop now. I will be taking that into consideration come election day.
    JoQ
    • JoQ
    • 3 months ago
  • bro, you cant read! what im saying is that its not the oil companies fault. they are opportunists! like any business. you think diamonds are really worth all that they cost? not to me, so i dont buy them at all ever!

    if people are tired of high ass oil prices...stop using so much of it.

    look at it this way...$9. gas x 15 gal tank = $135 fill up.

    your dumb ass fills up every 4 days because you drive all over and live 20 miles from work, and your fat ass kids wanna be driven everywhere instead of making them walk like i had to when i was a kid...or ride my bike....im 33 now. so in the 80's so in a month..

    30 days---fill up every 4 days or 7.5 times a month at $135 a fill up...thats $1012.50 per month for gas...thats at $9/gallon ( im using big numbers because you cant read!)

    now if you dont drive so much and you have to fill up every 8 days like i do.(and i have a lexus so my gas is a little more than yours in your focus)

    $9./ gallon in 30 days..i fill up only 3.75 times per month..hell ill round it up to 4 for you. HELL LETS LIVE DANGEROUSLY...ILL ROUND IT UP TO 5!!!

    at 5 fill ups per month at $135 a fill, thats $675 per month (but we know its much lower than that...) what happens? i save money. but then, ...well before i ask you another question....have you been to college? i have..i was an econ major until i changed to accounting...but if you have..remeber the A and B charts with the upward sloping and downward sloping lines when you talked about supply and demand..and all that Widget talk?

    well if there is a shit load of gas on the market, and no one is using it, umm it tends to make the cost of that extra commodity go down! let me say that again for the people in the cheap seats.... uu hem.. IT MAKES THE COST GO DOWN!!!!!

    so, what have we learned? 1. if people used less gas, 2. moved closer to the city, 3. made their lazy ass kids walk for a change, they would spend less in fill ups. because that action alone would cause the cost of gas ..(or petrol as our european friends like to call it) GO DOWN!!! yea im a sucker! but at least i can read! and i know economics! and i dont drive a focus!

    anything else you wanna learn?
    okinawanmajik
  • phoenix-fire: yes, their "so" response to all of this is so like Cheney's "so" response to their oil war killing Americans. They are all of the same mold, and they must be held accountable for it.
    JanforGore
  • Conniepae: Oh how I wish an effective national boycott of their products was possible. I think it would stick it to them good.
    JanforGore
  • why doesn't anyone assassinate anymore?

    Just kidding, no one wants to see those billionaires suffer while we're getting close to paying $4 a gallon for gas.
  • This might be a site some would be interested in.


    http://www.bigoilcangotohell.com/
    JanforGore
  • so killing would be better than using less oil? thats smart! and boycotts...im not going down that road again, if anyone wont get it...its ....uuhem!

    you deserve to pay all that. infact they know the intelligence of their consumers, and if all you do is complain, they know that they dont have to do anything. besides..no one will boycott anyways..just use less. change your behavior and the prices will come down...hell im not going to argue this point anymore...its like people wanna read themselves....at least the oil companies arent being sexist!
    okinawanmajik
  • oil sucks anyway
    the first zero-pollution car was built in the USA over 20 years ago.
    I saw a copy of MOTHER EARTH NEWS magazine.. and they have all kinds of great stuff there.
    Current t.v. should do a piece on mother earth news.
    --
    i am disapponited with the peoplein charge..
    over 20 years ago,, and today... we have to worry about climate problems..
    if they just acted responsably 20 years ago,, we would have no problems.
    they did not listen to me when i told them in 7th grade to change.. --- do you think they listen now?
    NO way..they are the same ignorant SLOW people.
    --seriously..
    --- i think i deserve compensation for having to deal with it all..
    --- i can't put what i want in my body,, becasue there are laws about drugs...
    but my neighbor can burn as much gasoline as they want.. as long as they can afford to buy it,,and it is legal..
    and it kills all of us.
    think about how stupid that is.
    -- i think no one thta makes over 30 grand should be aloud to buy a gasoline car.
    becasue they can afford to buy a more responsable vehicle.
    Luckasa
  • So congress is whining about it and making a lot of noise. That sounds good in the news, but let's see what congress actually does about it.

    And while we're at it, why doesn't congress start thinking about the 100,000 dead iraqi civilians? And Bush's crimes against humanity and his raping of the constitution?

    I guess that comes second to oil prices. We care about what we pay at the pump but who cares about the basic principles of government and a hundred thousand innocent iraqis.
    BurningBush
  • okinawanmajik, how do you know boycott's wouldn't work? Back in the 70's before people had places to post their anger, they stood outside businesses holding signs. Only passers by heard their pleas. Many more people pass through this site and sites like it. People can add information as it comes available. No longer relying on mainstream media to spread the word.

    I think it's too early to evaluate what we can, or can't do! It's not over till the fat lady sings and she's just starting to warm up her vocal cords. We'll be able to hear the song on current.com!
    Conniepae
  • Conniepae: yes, and the boycotts of the seventies actually worked. That was when Ralph Nader was a consumer advocate and made great headway in consumer rights. We need to stand up like that today instead of just rolling over. But then again as you, I, and others have stated, over the last fifty plus years tv has done a real good job of telling people that the products they need are good for them. It's the psychological appeals to emotion over reason that