"Joe" wrote in message
ups.com...

Phoney gas hikes...Hey do you think over 300 platforms and drilling
rigs looking like this after Katrina, and Rita might have had something
to do with it?

Perhaps, but what controls gasoline prices at the pumps has less to do with
supply and demand than with speculation in the petroleum futures market.
When Katrina struck the south coastal states and wrecked some oil rigs, we
already had supplies that could sustain the current consumption levels for
well over three months. If prices had risen 15 cents or so--which would
have been appropriate--the supply reserves would have been sufficient for a
few months more. By then the importation levels from the Middle East (where
we only buy about 10% of our crude) and from South America (where we buy
substantially more) could have easily offset the supply losses due to
Katrina (less than 1% of our overall crude supply). BUT, the speculators
figured that Katrina gave them a golden opportunity to realize some serious
money on the futures market, and they were right. Of course this was all at
the expense of the US consumer. Big oil reaped monster profits while the
middle and lower classes suffered. And our 'gummint' did nothing to curb
the process; rather some powerful people no doubt realized some substantial
profits as well. I don't want to mention any names, but one such investor's
initials are George W. Bush.

The great American dream come true.

Max