I'm not surprised in the slightest are you?
A report by the BBC about an investigation into large companies fixing the price of fuels comes as no surprise to most people.
But if the investigation concludes that indeed the companies have been fixing prices what do you think should happen?
On a person point i have 5 suppliers of petrol within 2 miles of my home, the major companies (ESSO, BP and TEXACO) offer petrol at £1.32.7 per litre (£5.97.15 UK gallon $7.78.51 US gallon) and the independents (ASDA and GREEN LEAF) offer the same product at £1.29.6.
Oil tycoons need all that money to line their pockets with baby seal fur and to convince the general populace that their energy source is the only one that's viable!
I find it funny that the oil companies are telling us the oil is running out yet they have no major plans to replace their golden egg with anything else.
A geologist told me he believes we have used 1/8 of the earths reserves of oil and the only problem the oil companies have is how to extract the other 7/8.
It's true that there exists a massive buttload of oil shale that could technically keep us running for several centuries, but the cost of extracting the oil from said shale is astronomical and, more importantly, impractical.
Not anymore... we're getting oil out of shale right now. We have enough in the US alone to keep the US going for 50-100 years, without any new advances in extraction technology.
Would it surprise you if you learned the countries that own the oil have been fixing prices?
In the UK it's advantageous for the government to have high fuel prices as they collect more revenues.
It doesn't supprise me that the US is also fixing the price of crude as its sitting on some of the largest reserves.
And of course OPEC have always fixed the price.
Do you count restricting supply as fixing the price? Because it does affect the price but it is not really the same deal.
I believe restricting the supply increases the price but doesn't increase the costs so someone is making loads of money, maybe its all the nasty commodity dealers.
Actually, it is the same deal. You reach a balance of price/demand either way, restricting supply is a well-known method of price fixing.
by Gary Anderson5 years ago
Worried about the price of gas? Our oil companies aren't. They export oil in the SF Bay and in April will start exporting West Texas Intermediate (WTI) from the Gulf of Mexico. http://www.businessinsider.com/the-asto...
by Moderndayslave5 years ago
Our friends that are doing "Gods Work" Goldman Sachs or Gold Sacks as some call them are now publicly predicting $5 a gallon gas with a barrel of oil to trade at $135 a barrel.A CEO for a major oil company...
by emievil5 years ago
Nothing political about the question. I just wanted to know if oil prices are going up in other parts of the world. We had an increase this week and there will be another increase in the prices next week.
by Lgali7 years ago
Oil Prices Going up Means Economy is Doing Good..
by Brian5 years ago
This may not be news to a whole lot of people, but, I am getting sick of this. Why isn't the Government doing anything about it, especially when they know that it is killing our economy? Not, to mention that we are...
by Mike Russo4 years ago
Obama was blamed by the conservatives and the Romney camp for the price of gasoline increasing. Now that it is coming down, does he get credit for it?...something to think about! Your thoughts please.
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