Ok! First off i am a lead operator for an oil & gas production company. I work five days a week, However i am responsible for the call outs. My field has a call out system that when something goes wrong it calls my cell phone and no matter what im doing i have to respond. If i dont respond it could cause an enviromental hazard or even an explosion. I am on call 24 hours a day even on my two days off. Heres the kicker! I get paid by the hour and my company bumped up my hourly rate up around two dollars and shows me working 88 hours regular and 8 hours overtime. Is this fair?

It may or not be fair, but it's probably legal. Whether on-call time is compensable or not depends upon how much being on call restricts your personal activities. There is not bright line, but considering you are contacted via your cell, that means your personal activities are not really restricted to the extent that the time must be paid, even though you must respond immediately.