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.
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