The Answer to Rising Gas Prices
In the last week gas prices have risen seventeen cents. They’ve risen thirty-four cents in the past month. The last time that happened the oil industry said it was Hurricane Katrina. Which made sense. The
But why are gas prices soaring again as we enter what the News and Observer (5-22-07) calls the “busy summer driving season”?
Is it coincidence? Or price gouging? Or has the American oil industry suddenly lost its touch so it can no longer deliver gasoline at inexpensive prices.
In search of opinions I went on the Internet. Here are a few by various pundits. And a few rebuttals by critics.
– The government is about to issue this year’s hurricane predictions. That’s spooked the market.
– That’s wrong. The real answer is there was a terrorist attack on an oil refinery in
– That’s silly. The attack failed. Only two barrels of oil spilled. It didn’t impact production at all.
– Demand for oil is soaring because of
– Even with
– There are too few refineries.
– There’s too much regulation.
– Refineries across the nation broke down unexpectedly.
– It’s pretty damn odd all the refineries broke down at the same time just before summer.
– I think Al Gore is making the gas prices so high somehow.
– Crude oil is going up in price.
– Crude oil is $10 a barrel lower now than it was the last time prices were this high.
– Exxon made the highest profit in history in 2005. Then topped it in 2006. Making $39.5 billion.
– That may be true. But as a percent of gross revenue oil company profits are lower than pharmaceuticals or real estate.
– Oil companies profit is just ten cents a gallon. In
– There’s plenty of oil out there. But our companies are not allowed to go after it. (The President of Shell oil said this).
– It doesn’t have to have a reason. (Forbes.com quoting a Wall Street oil industry analyst).
– The oil companies have taken a page from Enron’s book. They’re manipulating crude oil prices through a loophole in the futures trading laws to make billions. (Senator Carl Levin said this).
I was sunk in befuddlement (and there were still 1.2 million Googled opinions yet to read). Was it
This week Exxon gave its retired Chairman a $400 million golden parachute retirement package.
Click Here to discuss and comment on this and other articles.
The Answer to Rising Gas Prices
In the last week gas prices have risen seventeen cents. They’ve risen thirty-four cents in the past month. The last time that happened the oil industry said it was Hurricane Katrina. Which made sense. The
But why are gas prices soaring again as we enter what the News and Observer (5-22-07) calls the “busy summer driving season”?
Is it coincidence? Or price gouging? Or has the American oil industry suddenly lost its touch so it can no longer deliver gasoline at inexpensive prices.
In search of opinions I went on the Internet. Here are a few by various pundits. And a few rebuttals by critics.
– The government is about to issue this year’s hurricane predictions. That’s spooked the market.
– That’s wrong. The real answer is there was a terrorist attack on an oil refinery in
– That’s silly. The attack failed. Only two barrels of oil spilled. It didn’t impact production at all.
– Demand for oil is soaring because of
– Even with
– There are too few refineries.
– There’s too much regulation.
– Refineries across the nation broke down unexpectedly.
– It’s pretty damn odd all the refineries broke down at the same time just before summer.
– I think Al Gore is making the gas prices so high somehow.
– Crude oil is going up in price.
– Crude oil is $10 a barrel lower now than it was the last time prices were this high.
– Exxon made the highest profit in history in 2005. Then topped it in 2006. Making $39.5 billion.
– That may be true. But as a percent of gross revenue oil company profits are lower than pharmaceuticals or real estate.
– Oil companies profit is just ten cents a gallon. In
– There’s plenty of oil out there. But our companies are not allowed to go after it. (The President of Shell oil said this).
– It doesn’t have to have a reason. (Forbes.com quoting a Wall Street oil industry analyst).
– The oil companies have taken a page from Enron’s book. They’re manipulating crude oil prices through a loophole in the futures trading laws to make billions. (Senator Carl Levin said this).
I was sunk in befuddlement (and there were still 1.2 million Googled opinions yet to read). Was it
This week Exxon gave its retired Chairman a $400 million golden parachute retirement package.
Click Here to discuss and comment on this and other articles.