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Why gas is $5.00/gal
Wayne B wrote:
On Sun, 24 Apr 2011 12:41:35 -0400, Gene wrote: Holding a big inventory of oil in your tank farm is not without risk and it takes massive investments in time and money to build the infrastructure. Not surprisingly, the people who make those investments expect to earn a profit once in a while. "A profit once in a while.....?" http://www.nytimes.com/2011/02/01/business/01oil.html http://www.grist.org/article/2010-04...ution-while-am http://money.cnn.com/2010/07/29/news...xxon/index.htm http://money.cnn.com/magazines/fortu...anies/profits/ The oil companies and speculators are almost single-handedly preventing an economic recovery.... and they are being paid handsomely to do so..... and you are DEFENDING that? Incredible..... It's a very cyclical business and no one feels sorry for Exxon when they have stagnant growth, or even worse, when they fail to discover enough new oil to replace what they sold. Unfortunately that is what is happening. It is probably reasonable to assume that as their exploration and acquisition costs go up, and as their reserves go down, they will want a higher price for the product. In the interest of full disclosure, I own stock in both Exxon and Chevron-Texaco. Their annual reports make interesting reading and the future for energy prices is not good. Well, then, we should keep Exxon and Chevron in our prayers, so they can continue to rape us while paying you dividends. |
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