Posts Tagged ‘Oil’

Quick Hit: “Oil Slides While Executives Whine”

The price of oil fell by over $5.00 a barrel yesterday after EIA report was released.

Speculators were running for the exits yesterday as demand for their pumped-up product continues to fall.

Oil Executives of the big five oil companies, Exxon Mobil, Chevron, BP, Conoco, and Royal Dutch Shell, testified before the Senate Finance Committee to justify—after amassing huge quarterly profits—the need of government subsidies of $2.1 billion dollars a year.

In a pre-statement with unAmerican overtones, Conoco-Phillips CEO, James Mulva, called the elimination of the subsidies ‘UnAmerican’ and ‘discriminatory.’

With the oil industry making record profits, why continue subsidies?

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“Transitory Oil: Greasing the Slide”

Turmoil in the Mideast is being blamed for high gas prices.

Americans are getting fleeced by big oil companies!

In his first ever press conference Fed Chairman Ben Bernanke referred to the rise in oil and gas prices, as well as food and other commodity prices, as transitory. Though these stifling rises aren’t permanent they are having an immediate impact on those that can least afford them. They continue to erode the middle-class.

Transitory or not, big oil companies are making a killing on the high prices.

Exxon/Mobil reported record quarterly earnings, $10.65 billion, for the first quarter of 2011. That’s a 69% improvement over the same quarter last year. They spend millions of dollars in television and radio ads telling us how great they are. How much they’re doing for our planet. How much they’re improving our lives.

But are they really improving our lives?

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“Oil: Mucking Up the Recovery”

Posted on The Huffington Post on Monday, February 21. You can read it on HuffPost by clicking on the link to the article.

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Our dependence on oil leaves us vulnerable to the disruptions in the middle-east!

As Egypt erupted in demonstrations against oppression, unemployment, and wealth disparity, virtually shutting down their economy, oil prices began to rise—speculation that the middle-east could explode into chaos disrupting the flow of oil.

NYMEX passed $90 a barrel and Brent Crude crossed the $100 mark.

As the turmoil grew all eyes were on the Suez Canal, concerned about what closure would do to the transport and cost of oil. The long trips around the Cape of No Hope would be costly moving the price of oil and gasoline to untenable heights.

Speculators were poised to take advantage of the chaos hoping to line their greedy pockets with green.

Where should the price of a barrel of oil and a gallon of gas be?

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Posted in Economy, HuffPost Articles, Oil, Opinion | Comments Off

“Stop Driving! A Call to Action”

A month and a half ago I introduced my first Call to Action at It’s Worth an Opinion. At the time I explained that if we, the American people, would reduce our driving by only 5% the price of oil and, subsequently, gas would decline.

Oil is back down to under $60 a barrel as a result of the continuing decline in global demand and we are at a point where our action could drive the speculators out of the market again causing prices to drop to $35 per barrel or lower.

That would bring the price of gas down significantly, a result of real supply and demand.

Refiners like Valero and Chevron have already sent warnings to their investors as the demand for refined products declines. The conscious effort by a large number of concerned citizens would help drive down the price of oil and gas to a more fair level, taking money out of the BIG oil companies and putting it into your pocket for your own survival.

We’ve been ripped off by big oil companies, market speculators, and the Middle East for far too long. It’s time to take charge of our own fate. Read the original May 12th Call to Action at It’s Worth and Opinion: Stop Driving!

We have an opportunity here. Don’t just sit there. Do something about it.

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