Blame Congress for High Oil Prices »
Posted By STONERS 5 months, 1 week ago in Business & FinanceGasoline prices are through the roof and Americans are angry. Someone must be to blame and the obvious villain is "Big Oil" with its alleged ability to gouge consumers and achieve unconscionable, "windfall" profits. Congress is in a vile mood, and has dragged oil industry executives before its committees for show trials, issuing predictable threats of punishment, e.g. a "windfall profits tax."
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miklkit5 months, 1 week ago
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There is nothing "alleged" about it. Every year they get bolder and badder about their gouging. The only limit on their greed is the consumer. When we hurt enough to drive less, they drop the prices so we drive more. Ying and yang. Ponder that, Pinkie.
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miklkit5 months, 1 week ago
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There is nothing "alleged" about it. Every year they get bolder and badder about their gouging. The only limit on their greed is the consumer. When we hurt enough to drive less, they drop the prices so we drive more. Ying and yang. Ponder that, Pinkie.
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Gransater5 months, 1 week ago
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Once the oil companies start drilling on all the leases they hold, both on land and water, then these excuses may become valid. Untill then, the true reason for the lack of drilling is the operators waiting for increased prices. There is currently a large number of drilling rigs being warehoused in large yards, waiting for the prices of hydrocarbons to move back up, closer to last summers price level.
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In the meanwhile one hears the old excuses of China and India as being the culprits on the current increases in the cost of fuel. If that were true, how come there was a marked fall in prices from last years high? The price of fuel rose so fast and high last year that the companies nearly killed of the goose that lays the golden eggs. Now they are hoping that a slow increase will be readily accepted by the wary public.
Myfairlady above suggests speculators, and they too must carry a good portion of the burden, as they are aiding and beting on the rise of the cost of fuel. -
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adsunvalley5 months, 1 week ago
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Spadecaller5 months, 1 week ago
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We better stop trying to choke the goose for the golden egg. Speculation, greed, and fear do more to restrain the recovery of our nation's middle class - those of us who pay for energy and who support the oil companies. Like all relationships, when the give and take leans to heavily on one side, a breakdown and rift develops, which only cuts off productivity and prosperity.
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DarkWizard5 months, 1 week ago
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I don't know that I can agree with some of the points of this article as a few red flags popped up on claims about profits from oil and that the effects on energy of solar and wind power were marginalized.
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It is a documented fact that oil companies have recorded quarterly record profits for 16+ quarters (figures like $32 billion quarterly profits were not uncommon at the peak of oil prices).
Also, government regulation of oil had been at an all time low under the former administration.
This article seems more like an oil company promotion to bring back the good old days of domestic drilling and exploration.
I am not opposed to developing our domestic resources as I do feel it is important to have independence from foreign suppliers, but we must be extremely smart about how we develop our domestic energies and continue to gain ground in alternative and green energies.-
kr112157Comment removed: Retracted by user
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Endoscopy5 months, 1 week ago
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Nobody seems to think about the fact that out of the about $2.60 a gallon the government gets 15% taxes and the profit to the oil companies is 4%. The governments are gouging us so much more but liberals just think that is OK. If cap and trade goes through that will significantly increase the taxes on gas. Liberals like that even more.
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Liberals rant about the dollars profit but ignore the fact that it is only 10% or less which is the normal profit. Also the profit comes from many different parts of the companies that do not get their revenue from the fuel side. They have chemistry companies etc. But all liberals seem to focus on is the amount of profit not the fact that the companies are so huge and diverse that that amount of profit is normal. Also a very large part of the profit goes to the stockholders a lot of which is 401Ks and other retirement accounts. Many time in the mutual funds. So what the liberals are ranting about is what goes to a lot of common people.-
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smithichie5 months, 1 week ago
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Care to cite this? Factcheck.org would disagree with your numbers, so would common sense. Taxes are fixed, profits are not. Further, taxes vary state by state, sometimes, some places, some prices, yes indeed the taxes on a gallon of gas is more than the profits on said gallon of gas, but this is not always the case and the profits are higher than 4% no matter how you cut it. Unless of course you're buying your gas for under a dollar a gallon.
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Oh, and profits that go to shareholders are still profits, just like taxes that go to subsidies for oil companies are still taxes.
http://www.factcheck.org/askfactcheck/does_the_gov...
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dgoodii5 months, 1 week ago
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How many millions of acres have and are off limits to use or exploration. Some might say that the US Government is price fixing, by limiting the supply, causing prices to be artificially inflated. All the oil in the US is not for the US government to control, but for the states to control or the people whom own the land. Government is the cause of high energy prices period, through their regulations, laws, and presidential executive orders.
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Dionys5 months, 1 week ago
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Some might say that, but they'd be lying. A DOE report under Bush said that if they opened up every possible field, including ANWR and offshore drilling and started production tommorow (not started development, but actual pumping tommorow -- as a hypothetical) that even if they pumped all the wells at 100% of capacity it would have the enormous impact of saving 4-7 cents per BARREL of oil.
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