Don't blame the oil companies. Their profit margin is 8% on a gallon of gas. You need to blame:

1. Astronomical govt taxes on gasoline.
2. OPEC gangstas who doubled the price of oil at the well head in less that one year.
3. Environmentalists who lobby to stop the building of refineries & nuclear plants,
4. US govt restrictions on oil shale and coal mining, drilling off shore and in Alaska.
5. Wall Street oil futures speculators who bid up the price of oil still in the ground.
6. Spectacular growth of Chinese and Indian economies that greatly increased demand for oil.
7. Lack of US govt commitment to develop alternative energy resources such as wind, solar and hydroelectric power.

Note: an 8 oz Starbucks latte works out to about $80 per gallon. Millions of Americans gladly pay that price yet complain about $4 gas.

Every Republican talking point.
All in one post.

Just when it was getting boring around here...thank you for posting !!

Are you suggesting this is inaccurate??

I'll agree with number 5.
The rest are Big Oil/Republican alibis for raping the American public.

Yesterday, when I was filling my tank, I was approached by a guy begging for gas money. He had a late model MUstang - no more than 3 years old. The tires were balding and the guy was dressed poorly, but that may just be the style (it's the Seattle-area, so anything goes). After putting $50.00 into my gas tank, I gave the guy a couple bucks and wished him luck. I asked him if he was living out of his car. He said "no", but I wasn't sure.

It was the first time I can remember anybody asking for gas money for a long, long time.

-stan Hussein

ok

90% of it is because of our occupation of a Muslim Nation.........Iraq

And anyone that thinks any different hasn't got a clue.

the secret energy meetings werent about which batteries to use in their dildos...they were about the potential income from an occupation of Iraq, of course...no i dont have proof, know why? because we arent allowed to know what went on there...

There is no excuse for anyone who is paying attention not to realize that the oil business is a gangster-like business. To say it is criminal is missing the point. It is massively corrupt involving the purchasing of heads of states, etc.

The close personal friendship of bush and the saudi royal family, the connection of cheney and haliburton and the obvious post white house connection they will both have to oil profits, well, to deny the obvious is a crime itself.

it makes me angry, seeing the death and destruction in iraq and the damage to our sons and daughters who have gone there and the iraqis that are dead (how many hundreds of thousands?) that we can even still be discussing this as if we dont know what happened

If you drive an SUV and continue to complain about the price of gas; kiss my wrinkled old you-know-what.

Ya, I believe that the oil companies don't own ANY oil wells. They have to buy EVERY barrel. If this were true, their profits wouldn't be trying to out do the last quarter. So excuse me if I don't cry a hershy river for the oil companies. Secondly, the asshole that owns the companies is in the damn White House. The prick ran off with California's money just after taking office, and now he will run off with his buddies to buy an entire continent after leaving office. It is just amazing how the propaganda just got pounded into Americans, they now spew upon request. Ya, we need more deregulation and free trade, a war to create jobs, and I need a barrel cactus enema.

...and that 8% is getting bigger and bigger every day.

Just imagine how many gallons at 8% those oil comanies are selling to make those amazing profits. Those poor hard-working oil companies have it really rough. Oh wait, I forgot the federal money and tax credits and exemptions.

I'm gonna need some more fingers to count this up...

-stan Hussein

Below are my notes of a House hearing on causes of and remedies for the current distorted oil prices.

HOUSE ENERGY AND COMMERCE SUBCOMMITTEE HEARING, JUNE 23,2008

The price of oil, and also therefore the price of gasoline at the pump, could be reduced by 40% to 50% within 30 to 60 days if Congress would act immediately to restore the regulations on oil futures trading which were in effect from 1936 to 2000.
That was the unanimous testimony of the panel of oil industry analysts and consultants before the House Energy and Commerce Subcommittee, chaired by John Dingell, of Michigan, on June 23, 2008.
The conclusion of all of the panel members was that the market price of oil, absent the distortion caused by the bubble of speculation in the oil futures market, would be in the $50 to $65 per barrel range, and that the excess speculation is attributable to a relaxation of its rules by the Commodity Futures Trading Commission beginning in 2000.
The steps recommended by the panel to be taken to bring immediate first aid relief to the U.S. economy are:
1. Re-establish position limits on investors in “paper barrels”; that is, speculators who have no need to ever take delivery of the oil purchased in their futures contracts, and who are unable to take delivery. This would limit the amount speculators could invest in oil futures, particularly through commodity index fund investing, which is purely speculative.
2. Increase the margin requirements for investing in oil futures contracts, with higher requirements for those who are not true hedgers in the market to protect the cost of the oil they will need in the future, i.e., speculators; and lower margins for true hedgers who actually take delivery and use the oil they contract to buy.
3. Require transparency, by requiring investors to disclose publicly their oil futures holdings.
The panel agreed that there are two problems facing the U.S. regarding oil prices: (i) the acute economic distress caused by the present unsustainably high prices for oil caused by excess speculation, and (ii) the structural problems involved in the need for the U.S. to decrease demand and to increase domestic supply.
Michael Masters, of Masters Capital Management, used the analogy of a grossly obese patient, who needs diet, exercise and other long-term treatment, but who has had a heart attack. The heart attack must be treated immediately to save the patient. The long term matters can then be addressed. Similarly, he stated, the steps outlined above need to be immediately implemented to save the U.S. economy from further damage caused by current oil prices.
Some members of the subcommittee asked questions expressing concern that pension fund investors in oil futures might be turned upside down by a sudden drop in the value of their oil futures holdings. Mr. Masters, responded, and other panel members agreed, that oil futures make up only 1% of the portfolios of these funds, and that they are heavily invested in stocks, the value of which is being rapidly deflated by the current oil price crisis. The rapid drop in the cost of oil, and of gasoline at the pump, would reverse the stock losses, and more than off-set any losses in their oil futures speculation. The country would benefit by putting a stop to the destruction now occurring in the airlines, auto industry, trucking industry, and others, and the damage being done to American families by present oil prices.
The panelists, in addition to Mr. Masters, were Edward Krapels, Senior Director, Energy Security Analysts, Inc.; Roger Diwan, partner and head of Financial Advisory at PSC Energy Consultants; and Fadel Gheit, Oppenheimer & Co., Senior Oil Analyst and Manager.
The unanimous recommendation of the panel members was that the position limits, margin increase, and disclosure requirements regarding oil futures holdings be implemented immediately, without phase-in. While none wanted to make predictions, all agreed that the world oil price would drop 40% to 60% within 30 to 60 days after re-regulation, and probably less, and that an immediate drop in the retail price of gasoline would occur.
Issues were raised of whether the “free market” must be allowed to run its course, however destructive to the public good. The panelists disagreed with this free market argument. The panelists pointed out that the oil market is not free. The supply is controlled by the producing nations. The demand, in China and the Mid-East where the demand increase is coming from, is artificially supported by government subsidies. Mr. Gheit pointed out that the difference between gasoline prices in the U.S. and the higher prices in Europe is the additional taxes imposed in Europe; and that the difference between U.S. prices and the lower prices in China and the Mid-East is subsidies. The panelists further agreed that the present mess has been caused mainly by excess speculation resulting from de-regulation of the oil futures market, and that immediate first aid relief could be achieved by restoring the 1936 regulations, which worked well until 2000, when their “relaxation” began.
The issue was raised of whether speculators would merely go to another market. Here again the panelists agreed, stating that the only other market which might be used would be in the U.K., and that requiring that all contracts to be used in the U.S. must comply with U.S. regulations would prevent circumvention of those regulations.

My Conclusion: Public pressure should be brought on Congress immediately to restore our prior regulation of the oil market, and to require that any oil futures contract to be used in the U.S. must comply with U.S. regulations. Simple action is available that would deflate the speculative bubble in oil prices, which is not being taken. Meanwhile, the high oil, gasoline and diesel prices are causing unacceptable damage to U.S. industry and financial markets. The pundits are still telling us that nothing can be done to affect the price of oil in the near term, and that gasoline will go to $7.00 a gallon. They state with no sense of impending disaster, that Chrysler, and maybe all three American auto manufacturers, and some principal airlines, will probably disappear in bankruptcy. That is not acceptable.

ARM & LEG

note: number five is the main reason the price is 146 per barrel todat 7/4/08. think about it, that is the only calcualtion that hasn't any ties to supply and demand just greed.

Right, is the surge really working because none of those Thinktanks or Government experts really looked at ethno-sectarian violence or geo-political considerations prior to invasion. The rhetoric stated to Congress was no more than one year, maybe 5 billion dollars and no more than 1000 casualites up against up to 40 tons of wmds and the Republican Guard, right, sure you betcha.

Cheney was the first to suggest Cut-n-Run speaking of old buzzwords. Rumsfeld said no, the risk would then be genocide and sucking the entire region into a blackhole. Rumsfeld was into reaching stability through nominal troop levels being that he knew we had limited assets during a limited incursion with no clear ending date being dependent on Iraqis themselves to maintain order and stability one day. There is still no real concise picture to me as to the authority who ordered the descruction of the Republican Guard, bombing out pipelines feeding Iran from Iraq or democracy versus Regime Change. The Gawds are crazy.

There is sooooo much spin on oil. Cheney is the Supply and Demand Spinmeister. Last energy survey done in Iraq was done just prior to the expiration of sanctions. That study showed enviromental damage that ruined oil fields, probably a lack of wmds and willingness to attract foreign capitalization for the same reason. Nobody was going to invest in Iraq if Iraq still had wmds, no fuckin duh.

I mean Bush was fuckin around with insider oil trading deals, how much time did he lose, how many lives were lost so the Good-ole-boys could get theirs ? Check Hadley's travels too. Cheney had him on the road for oil not national security in my opinion. Justification is that Oil is a vital interest. Well who the fuck made it so vital if all these profits did not equate to new resources ???

I mean people must think we are really stupid. Say this were the music industry. So maybe hip-hop gets hot. Everyone wants to hear hip-hop. Artists are getting alot of bling-bling through hip-hop. Record companies are making millions on hip hop. So like everyone is out there trying to find new hip-hop artist to move up to the show. Artists are competing to get rights to the best hip-hop. Gold and Platinium awards are going out to the best sellers. Someone gets crowned the bes of the bes hip hop artist for the year.

Well in Bushworld, we just keep the artist we found, jack up their price, claim there is no new hip hop to be found so enron speculators jack up the price of hip hop already found. No new hip hop artists and you gots to pay payola for the hip hop we done own. Guy in Alaska says, hey we got lots of Hip Hop talent here. Record companies say no you don't shut up, by the way we own you so you better keep your mouth shut or else...

The real deal can be found through the real experts at Opec. Allowing for GDP growth in new commercial enterprises in countries like China and India, demand will not meet supply for another 40 years. That is the estimate that in about 2050, demand will overtake supply not today. And that does not mean the world runs out of oil, that just means that current consumption rates with expected growth (without conservation or diversification efforts) will lead to a demand problem in 2050. Cheney and his cronies are about the only ones saying there is a demand problem today.

NEM, I can probably take you back to around 1995 when this bullshit started through Thinktank Logic. I am guessing with about 90% accuracy that the Clintons are the most well informed on the subject. And that Petro dollars and the greed for petro dollars does cross party lines. Mainly though, instability of government or civil war impedes the development of fossil fuels or vital interests, no fuckin duh, huh, no fuckin duh ? And now would that instability include western boots on Arab Soil like I don't know the first Crusade and the Knights Templar maybe ? I love history, so does Uncle Don, eat it McCain, eat it.

Wow!! Everybody's fault but the oil companies.

"I blew $15,000 when I went to Las Vegas. What makes you think I care about $4 per gallon gas?" _ the average degenerate gambler

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The poor victimized oil companies.



I love that the Reich are still attempting to blame Environmentalist. LOL.

Why are the oil companies sitting on acres upon acres of public land, they aren't tapping into. Its never enough.



I love how the Reich pretend public policy exists in a vacuum. The oil men who have control our government have prevented the development of alternative energy for decades.

Tom the Dancing Bug has a good rendition of JohnnyMac's contest - take a look for ideas!Link