Who profits most from high oil prices?
Department of Energy analysts have blamed the high prices on a rise in crude oil costs, caused by growing worldwide demand and economic instability in the conflict-ridden Middle East.
But groups watching the energy industry say this is only part of the problem. The real culprits, according to public interest organizations like the Sierra Club and Public Citizen, are oil and gas corporations, which exploit consumers with the backing of pro-industry government policies.
Read the article here at The New Standard
In case $3-per-gallon gas isn’t depressing enough, consider what your gas money pays for: A bull market in Saudi stocks. Handouts for Fidel Castro. And weapons for anti-American terrorists.
Read the article here from USA Today
Oil giant BP has reported a 26% rise in annual profit to $16.2bn (£8.7bn) after benefiting from high oil prices.
Last week, rival Shell reported an annual profit of $17.5bn - a record profit for a UK-listed company.
See
this story here from BBC
Why are oil prices so high?
Also from BBC
If American cars averaged 40 miles per gallon, we would soon reduce consumption by 2 million to 3 million barrels of oil a day. That could translate into a sustained price drop of more than $20 a barrel. And getting cars to be that efficient is easy.
See this story Mile by Mile, Into the Oil Trap here from The Washington Post
So lets see who profits: the big oil companies and the oil producing countries, are they to blame and do they just suck out our dollars and give us a hard time? Or are we to blame because we don’t use fuel efficient cars? Or does it not matter and its a good thing because it forces us to use less gas and start to produce more fuel efficient cars and think more about renewable resources, I mean the oil wont last forever anyway.
So what’s your take? Pls comment and bitch about it! 