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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 3:55:11 PM | When, oh when will a hotshot legal beagle or politician finally get on the ball with a monopoly-antitrust investigation or consumer protection legislation to regulate our current robber barons, big oil and OPEC?
Over 100 years ago, the United States had to break up monopolies in different industries and impose various business regulations.
When oil companies are making obscene profits, then everyone knows something is very wrong. The public shouldn't be the only one crying foul. It's time to tell Congress, the federal Justice Department, and state Attorney Generals to do something now!
Is it a monopoly, collusion or a violation of some old law? We won't know unless someone really investigates these companies.
Record obscene profits mean Joe-Q-Public is getting ripped off.
It doesn't help that OPEC is holding the world hostage by limiting oil production when the world is crying out for more. Iraq, Saudi Arabia and Kuwait ought to be paying us in oil for providing security to the Middle East.
Someone in the administration or Congress needs to remind OPEC that if they really hurt our economy, then we can withhold our military and other aid. Some people will even say just send all those Arab college students home.
Even if the oil company executives aren't in collusion, it is surely time to regulate this vital public industry. America regulates utilities such as gas, water and telephone companies and services such as the broadcast airwaves, airlines and health care.
So why not limit excessive executive salaries and perks plus obscene profits if they exceed boundaries like the state's usury limit?
Outrageous, sky high salaries and perks for the top administrators wouldn't be so bad if the executives shared the wealth with lot higher salaries and perks for the grunts who do the actual work. Or actually invested profits in developing more refining and production capacity.
If you agree, write this fine newspaper, call or write your state or federal legislator, or tell your local politician or business leader. Let's see some action before gas hits $10 a gallon, because $5 looks like it is just around the corner!
ok72076
Jax, Arkieland, USA. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 4:01:31 PM | america has plenty of oil in it's own lands that it refuses to extract as it prefers getting it from other countries, so it has reserves....
brother is in iran on holiday, petrol is the equivalent of one penny per litre, maybe the yanks like the tax too much, or maybe the crude oil speculators want some easy profit
maybe driving a 50 mpg car like I do is worth considering instead of a 5 mpg SUV ? | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 4:13:18 PM |
It doesn't help that OPEC is holding the world hostage by limiting oil production when the world is crying out for more. Iraq, Saudi Arabia and Kuwait ought to be paying us in oil for providing security to the Middle East.
Someone in the administration or Congress needs to remind OPEC that if they really hurt our economy, then we can withhold our military and other aid.
providing security to the middle east? well you're doing a good job. I'm sure russia or china would love to be there "providing security" maybe you should pull out see what that does to your 'gas' prices. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 4:32:49 PM | .
If we were being overcharged demand would go down...
OPEC and "OIL" are being Capitalist.... Charge and make as much profit as you can,
They are protecting the Stockholder. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 4:43:35 PM | | The only way to teach those Big Oil goombas a lesson is to trade in the big old SUV for a bus pass, a bicycle or a good pair of walking shoes. Let's see how long they keep making the big bucks when people stop buying their filthy gas. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 5:52:38 PM | Big oil say their profit percentage is no more than many successful companies.
OPEC says there is plenty of supply and supply is not the problem, they are meeting all the supply there is.
What I see most of the time precipitating a jump in gas prices at the pump or over the barrel of oil is the speculators.........the barrel gets bid up by oil futures investors, hedge funds, Wall Street, etc.
Any time you read about it, investors are putting falling dollars in, summer is coming and higher demand is anticipated, spring is coming, winter is coming, nervousness about Syria, Iran, nervousness about this or that..........nerves and speculation.
I dont understnd the finances around spot trading for oil, but it seems to me that Big Oil is simply in a good place to make money and OPEC is meeting the demand and not raising wholesale prices........but it is Wall Stree that is bidding the price up.
Does anyone know what role the speculators are playing? | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 5:59:10 PM |
It doesn't help that OPEC is holding the world hostage by limiting oil production when the world is crying out for more.
Actually, right now oil stocks are sufficient for demand, and the Saudis maintain that oil should be priced at $65/barrel. There is no shortage causing high prices, it's unregulated speculation (based on perceived risks to supply, and a shortage in refining capacity, and also because we're apparently willing to pay through the nose as long as some of us can continue to selfishly waste gas by buying 10 mpg SUVs). Increasing output from any source (including domestic drilling, which would take 5 years or more to come online anyway) wouldn't drive down prices nearly as much or nearly as quickly as reducing demand. Reducing demand means using less, and the least painful way to do that is to drive slower, and the most fair way to do that immediately is to lobby for a national 55 mph speed limit- NOW, before the summer vacation demand kicks in.
Other ways to reduce petroleum demand are to use electric or cordless electric tools and equipment instead of gas- lawn mowers (they do make cordless mowers), trimmers, chain saws, hedge trimmers (charging at off-peak times); put the boats and the ATVs into storage, vacation closer to home, take the bus instead of driving to the vacation spot.
Cheap energy is a thing of the past. Get used to it, suck it up, from here it starts getting painful.
Yes, for me too, and no, I'm not happy about it either. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 7:17:58 PM |
Does anyone know what role the speculators are playing?
I may not be the best guy to answer - I find it all quite complicated. However, here is how I see it:
If the supply of a consumable is scarce, the speculator will purchase the product hoping to raise the price and make a profit. The idea is, the increased price will prompt people to conserve until production can meet demand, again. The thing is, as the price rises, other speculators buy while others sell, artificially raising the price far beyond what the item is worth. It can all come crashing down, of course - but a few individuals will make huge amounts of money from the misery they have created for the rest of us.
This is a really simplified explanation. There are other, here, I sure, who can fill in the details better than I. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 7:50:01 PM | In nature you adapt or you die.
Adapt people, drive a smaller can, get a hybrid, electric car, or air car, drive a motorcycle or moped/scooter, ride a bike, take a bus, walk. There are lots of options, lots.
ADAPT!
The socialists are asking for more laws more regulation they are saying “how can I keep things the same”
The capitalists are asking how can I make this work for me they are saying “how can I make money on this”
Adapt.
Last fall I replaced my gas guzzling SUV with a mid sized car, and this spring I’m even leaving the car in the driveway on nice days and taking my 100mpg moped to work instead.
I’ve adapted, so can the rest of you. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 7:59:24 PM | It's "commodities futures" trading, just as for agricultural products, like grain.
Farmer plants his field with grain, goes to bank and borrows money against the future crop. Bank sells the "paper," which is bought by investors (speculators) who assess risk and bid accordingly. If the long term weather forecast looks bad for crops the value of the futures rises.
Same thing with petroleum. Oil producers sell or borrow against future production, investors bid according to the perceived risks. Even if the prices are high, an incident that interrupts supply can ruin an investor. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 8:00:35 PM |
In nature you adapt or you...
We are no longer animals. Supposedly we have evolved, though many people seem to prove otherwise.
I’ve adapted, so can the rest of you.
That's easy for you and me. What about the family who live in a place where their income now won't cover the purchase of their meager allotment of rice? Wait, you answered that right here:
...die. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 8:04:49 PM | OPEC has made it clear what the outlook is........they want the world to know how precious oil is, and they plan on 200 dollars a barrel............ they have the world by the balls, so to speak.............supply and demand, yeah, whatever..........................
Still go do your home work and see when this mess started, lets just say around the time GEORGE W IDOT BUSH decided to push his dirty little war on IRAQ, you know, the gulf war his daddy didnt finish......................... trust me, go look back, you will see this moron did this to us........................................
yeah he did too........................ hey YOU VOTED FOR HIM, I didnt..........OH WAIT, he didnt really WIN did he, the other guy did, but its that ELECTORAL thingy, my baddddddd........................
footloose!
(hope the door hits him on his ass on the way outtttttttttt........) | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 8:06:03 PM | The Congress won't do anything to big oil because big oil lines the pockets of ALL of our politicians with lots of $$$$$$$. Lobbyists in Washington are the ones with all the REAL POWER. Money talks. Do you really think that Congress gives a damn if we pay $5 a gallon for gas? How many congressmen actually go and pump their own gas? How long since the president has gone and bought gas at a gas station? They don't have a freaking clue nor do they care.
It isn't so much that there isn't enough oil, the real problem is that the liberals, the environmentalists, and the EPA won't let us DRILL where we KNOW we have lots of oil.
Next, you have the issue of not enough refining capacity. See above for the reason......the liberals, the environmentalists, and the EPA will not let us build any more refineries. Increased refining capacity would LOWER prices.
If we quit selling the Saudis weapons, the Russians would GLADLY step in to sell tanks, planes, and bombs to the oil-rich arab states. The Saudis and OPEC don't give a rat's *** if our economy goes in the crapper or not. They can sell all their oil to China or India.
One of the real problems that has made gas prices soar is the speculators that run the stock markets buying and selling commodities. The speculators are the ones that are chiefly responsible for us getting screwed. They keep bidding up the prices of oil and other commodities. If the government wants to make itself useful (for once) they can clamp down on these idiots and also stop lowering interest rates which continue to weaken our dollar. The more that the dollar falls, the more expensive that oil becomes.
You have some good points though, but think about the things I have said here. I only speak the truth! | |
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| Big Oil?, OPEC? Screwing Americans?
Posted: 5/11/2008 10:02:01 PM | wow...too bad you don't understand the pressure
of the falling american dollar . . try puting up a chart
against the euro vs american dollar
in england..the fuel rise has be about 10-12% over the last 12-14 months,
the floodgates have opened against our dollar , you could say its a perfect
storm . . . those reasons could be another topic - for another day.
this dramitic rise . .can clearly be blamed on the american dollar crashing,
not demand driven, not some big oil conspiracy...75% of Mobil's profits
are from oveseas operations...in america , the profit margin is approx 5 to 8 %
depending who you listen to
microsofts profits range @ approx 35% to 40% , depending to who you listen to
a little knowledge , can go quite a long ways . . .our solutions rely upon
not borrowing any more money . .to fund the government of the USA,
and repaying our debts back , and opening up more refineries & more
ways to drill for oil in our own countries...and making much more
simpler blends of fuels . . .and making blends of fuels that are not
only envo friendly...but also create more MPG - per gallon.
our current mixes of fuels are very, very weak in BTU's
(british thermal units)..and in FACT .. .todays BIO-DIESEL
fuel get HORRIBLE gas mileage . .
many truckers . .in souther calif..head to MEXICO...not only for the
cheaper Diesel , but for a much BETTER blend..the yields a much better MPG
things to think about | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/11/2008 10:24:34 PM | | What's the difference? When some hot shot politician investigates, the truth never comes out. Its called collusion! They are all in on it. The have vs. the have nots. | |
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| Big Oil?, OPEC? Screwing Americans?
Posted: 5/11/2008 11:03:42 PM |
many truckers . .in souther calif..head to MEXICO...not only for the
cheaper Diesel , but for a much BETTER blend..the yields a much better MPG Mexican diesel fuel has a higher paraffin content thus more BTUs per unit of measure. It doesn't work as well in Northern latitudes in cold weather because it "jells" in the fuel tanks, it's also a lot dirtier, pollutes more because of the higher sulpher content, and clogs filters faster. | |
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| Big Oil?, OPEC? Screwing Americans?
Posted: 5/11/2008 11:41:04 PM | you still GET way more MPG . .and WAY WAY more power
and...most southern calif truckers...don't end up in snow drifts
fuel filters...are cheap...and on diesel trucks..they are HUGE
and rarely clog
the polution factor is debatable...since you are NOT going
nearly as far . .MPG wise . .on crappy AMERICA SCAM bio-diesel
you don't burn your food source...and expect it not
to effect the world food supply
and yeah...gotta spend 1 gal of fuel..to harvest 2 gallons
of corn/fuel
what deal ! !
what moron thought corn was a good fuel source
its been a HORRIBLE FAILURE..in all areas | |
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| Big Oil?, OPEC? Screwing Americans?
Posted: 5/12/2008 4:30:16 AM | | Opec is making out like Bandits right now, and the only way to drive prices down is increase in supply. About 20% of the 120 cost right now is speculation, but oil extraction costs are getting higher and higher because the easy oil pickings are narrowing. America should start to look domestically at oil shales in Utah, North Dakota, Colorado for oil shale exploration. Also, perfer more subidies going towards other fuel or energy sources like ethonal, electric, hydrogen because those sources have not reach thier technical peak in terms of energy potential. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/12/2008 4:43:17 AM | Wait wait wait.....
Isn't OPEC mainly foreign companies? Congress has ZERO control on foreign business, no matter how much you don't want to pay a high price because everyone wants their fair share at a limited resource.
And besides that, doesn't the US gets the majority of its Oil from us, Canada? Thats like demanding that we close down the local hardware store because the Home Depot is too successful..... | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/12/2008 4:51:35 AM | >>>That's easy for you and me. What about the family who live in a place where their income now won't cover the purchase of their meager allotment of rice?
I find it funny so many people want something for nothing- that because they believe they have the need to something, they have the right to it.
If you cannot afford the oil, then don't buy it- if enough people stop buying it, the price will go down. Thats logical. What you're asking for is we elect criminals to steal from a business whose only crime was offering a service at their own price, to be paid for on a voluntary basis.
If a father and mother allows their children to die of starvation because they find it essential to commute to work everyday, then its clear they value the status quo over human lives. I wouldn't be disgusted by the actions of the oil company at that point- those people could choose to make decisions to make their life work- instead, they insist on altering and creating a false reality to fit their world, rather than adapting to fit reality. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/12/2008 5:42:51 AM | Beaugrand:
"""It's "commodities futures" trading, just as for agricultural products, like grain.
Farmer plants his field with grain, goes to bank and borrows money against the future crop. Bank sells the "paper," which is bought by investors (speculators) who assess risk and bid accordingly. If the long term weather forecast looks bad for crops the value of the futures rises. Same thing with petroleum. Oil producers sell or borrow against future production, investors bid according to the perceived risks. Even if the prices are high, an incident that interrupts supply can ruin an investor."""
I dont understand this. How does the value of the future rise is the weather looks bad for crops and there is a high risk of not paying the note because of a bad crop?
It seems to me that it is these "futures" for sale and as they get bid up because of more investors interested that has the supply and demand equation attached to it ..........as people want to dump dollars into something not declining in value, for example....not the ACTUAL supply and demand for gas. If the Saudis say the real value is $65 a barrel.........the price is twice that now becuase of "oil futures"?
I have to say that I dont think these price increases are due to any natural supply and demand forces, also food.......I think that it is Wall Street, the banks, and the investors that are making the increases ARTIFICIALLY. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/12/2008 5:45:06 AM | FOOTLOOSE, its not the Saudis or OPEC.............it is the banks and investors.
the Saudis say that there is plenty of supply being generated to meet current demands.
SOMEONE IS BIDDING THE PRICE OF OIL UP AND UP AND UP.
I dont believe it is OPEC OR Big Oil that is at fault. they are convenient targets only and they benefit, yes........but if you look closely at every price increase, it is always precipitated by the Futures market and speculators.
THAT IS WHAT NEEDS TO BE TAKEN OUT OF THE EQUATION. | |
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| Big Oil, OPEC Screwing Americans
Posted: 5/12/2008 5:45:35 AM | | The Govt. here in the greatest country of the world is NOT for the people anymore. Its a privately ran business. Its for the Elite rich,not your working class. Why regulate something thats going to take money out of their own pockets. Yes,Bush is in the oil business. But the problem is much further deeper than Bush. How about we elect to not put either canidate in office? I vote for a Electrician,Welder,and a Plumber to run our Whitehouse. People with integrity thats what we need,not Not Ivy League Elite! | |
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