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 Moderndayslave 7 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 stated at the recent congressional hearings the the price of oil without the...
by Gary Anderson 6 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 … rum-2012-3Here is my response. We can thank libertarian thought for the...
by peterxdunn 7 years ago
The price of oil is rising - why? Is it because of events in Egypt? Egypt does not produce oil...and the Suez Canal is still open to traffic - so how could it by their fault? Are the oil companies simply taking advantage of the situation to maximise profits whilst thinking that people around the...
by emievil 6 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 Lgali 9 years ago
Oil Prices Going up Means Economy is Doing Good..
by Doug Hughes 7 years ago
When gas prices were going up, Wingnuts were tripping over each other in a rush to blame the president. Even though he had nothing to do with it.President Obama ordered a release of strategic reserves. Prices have dropped over 50 cents per gallon in Florida.What do we hear now?
Copyright © 2018 HubPages Inc. and respective owners. Other product and company names shown may be trademarks of their respective owners. HubPages® is a registered Service Mark of HubPages, Inc. HubPages and Hubbers (authors) may earn revenue on this page based on affiliate relationships and advertisements with partners including Amazon, Google, and others.
|HubPages Device ID||This is used to identify particular browsers or devices when the access the service, and is used for security reasons.|
|Login||This is necessary to sign in to the HubPages Service.|
|HubPages Traffic Pixel||This is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.|
|Remarketing Pixels||We may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.|
|Conversion Tracking Pixels||We may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.|