Re: congress/oil compaines/crude/record profits

Posted by wgm on March 16, 2006 at 17:53:10 from (66.11.98.138):

In Reply to: congress/oil compaines/crude/record profits posted by Gary in TX on March 16, 2006 at 13:19:02:

Here are the real reasons gas and oil prices are where they"re at:

1. The feds required 45 different gas reformulations across the country. If you drove the 400 miles from Chicago to St Louis and stoppped for gas every 100 miles you would be putting 4 different blends of gas in your car.
2. Market manipulation by the hedge fund managers with a little help from big oil. I came across a web site a while back that listed by day for the last several years the reason gas and oil prices had to be raised. Some of the reasons were hilarious. The oil industry now issues daily press briefings detailing any and all incidents in there refineries simply to influence the traders.
3. The oil industry has purposely shut down over 150 refineries in the last 25 years to the point where we use as a country about 20 mil barrels of oil per day but have refining capacity of about 16 mil barrels. It doesn"t take mathematician to figure this one out. Then we have congress passing laws relaxing environmental laws so more refineries can be built. Well, the oil industry isn"t going to build any refineries any time any where. Marathon Oil annouced last fall they MIGHT add on the their Garyville, LA refinery. But they"re going to study it for 2 or 3 years then make a decision to build or not. If they do build I"m sure some other refiner will shut down capacity to keep things just where they are.
4. Then we have the cool dudes and soccer moms who have to drive the gas sucking 4 wheel drive trucks and suv"s most of which, about 99%, have never been driven off the pavement.

This is exactly why we"re where we"re at today.

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