http://www.latimes.com/business/la-...enews&coll=la-story-footer&ctrack=1&cset=true
"It is the cost of crude that is driving these gasoline prices"
- is what we heard over and over during the summer of sky-hi gas prices.
So, if the gas is $1/L and crude is the reason, would the oil companies not be paying so much for crude that the 'refined-gas profit margins' are either squeezed or the same.
No, Exxon makes its money BY SELLING CRUDE. Thats where this ""largest ever quarterly profit of any corporation of all time" came from, $9.9Billion dollars [in just three months!!!!!!].
Futures markets for crude went high, bidding was afraid of supply problems so they bought what they could nop matter the price. Exxon , and other crude producers, got that high price.
We paid for it.
It was speculative, not an "essential" price rise, not from markets and supply and so on.
It was a bidding war set up on purpose by BushCo to allow Exxon and others to gain from it, this pri ce war was just based on speculation, it was almost merely optional.
They can take money from the poor and middle class anytime they want to. There is more tricks like this to use.
It is collusion, conglomerate practise, conspiracy, and certainly immoral. But it is only a problem if they get caught and the fines are higher than the profits they made. No fine would ever be as high as a billion dollars, and not $9.9billion, and it is not likely that anyone would go to jail over it...
Increasing disparity of incomes between the rich and poor was shoved along the road another step towards complete slavery with this quarterly profit.
"It is the cost of crude that is driving these gasoline prices"
- is what we heard over and over during the summer of sky-hi gas prices.
So, if the gas is $1/L and crude is the reason, would the oil companies not be paying so much for crude that the 'refined-gas profit margins' are either squeezed or the same.
No, Exxon makes its money BY SELLING CRUDE. Thats where this ""largest ever quarterly profit of any corporation of all time" came from, $9.9Billion dollars [in just three months!!!!!!].
Futures markets for crude went high, bidding was afraid of supply problems so they bought what they could nop matter the price. Exxon , and other crude producers, got that high price.
We paid for it.
It was speculative, not an "essential" price rise, not from markets and supply and so on.
It was a bidding war set up on purpose by BushCo to allow Exxon and others to gain from it, this pri ce war was just based on speculation, it was almost merely optional.
They can take money from the poor and middle class anytime they want to. There is more tricks like this to use.
It is collusion, conglomerate practise, conspiracy, and certainly immoral. But it is only a problem if they get caught and the fines are higher than the profits they made. No fine would ever be as high as a billion dollars, and not $9.9billion, and it is not likely that anyone would go to jail over it...
Increasing disparity of incomes between the rich and poor was shoved along the road another step towards complete slavery with this quarterly profit.
