Big Oil says not to blame for high gasoline prices (Reuters)

[Eugene]

Source: Reuters

Big Oil says not to blame for high gasoline prices

By Tom Doggett
Wed May 16, 3:19 PM ET

WASHINGTON (Reuters) - Oil companies are not overcharging motorists
for gasoline, an industry group told Congress on Wednesday, but U.S.
lawmakers were skeptical that Big Oil was working hard enough to
provide the fuel supplies needed to keep pump prices in check.

-snip-

"The contention that higher prices are driven by market failure or market
manipulation, including the holding back of supplies, is not credible,"
Felmy said.

Many U.S. lawmakers and consumer groups are accusing oil companies of
keeping some their refineries temporarily offline in order to limit gasoline
supplies and push up pump prices.

"Oil companies today are enjoying record profits, and while they could use
those profits to invest in more production capacity, instead they use the
money to buy back shares in the market," said Rep. John Conyers, who
chairs the antitrust panel.

-snip-

Read more: http://news.yahoo.com/s/nm/20070516/pl_nm/usa_congress_gasoline_dc

[BushOut06]

1. Bull fucking shit

The oil companies are raking in record profits. Yet they want us to believe that this is entirely out of their hands. Bullshit. It's time to nationalize the oil industry, and take the power away from greedy fatcats who are only interested in increasing their bonuses.

[INdemo]

3. Agreed

these record profits have been in the planning for years and now they are here...This all started back in the 80's during Reagan's first term...The EPA forced all(mostly all) the independents out of business because of their requirements for storage upgrade..Even though they met the standards previously set they were forced to upgrade..So many independents sold out to guess who? (just happen to come along with a purchase offer.)After the big oil companies had control of most gas stations and small refineries,and wholesale jobbers storage then the EPA relaxed the storage requirements and here we are..All this was certainly planned by the EPA and major oil companies and is it just a coincidence that this conspiracy happen on Reagan's watch?...Oil companies have us by the balls and nothing can be done to stop it..All the politicians in Washington cant stop it now...So any newspaper or magazine defending the oil companies is trying to hand us nothing but BS...

[Bitwit1234]

2. So - they say letting them drill in Alaska and off Virginia

will bring down prices....so how in the heck long will that take ten to fifteen years. What good is this going to do to lower prices.

What will lower prices is - they must refine more - and all they have to do is open the refinerys. This shows the greed of these big robber barons....they are squeezing all the money they can. You are right break them up and nationalize them.

[PsN2Wind]

5. Both my wife and I lived in oil towns as kids

She in Oil City, PA, PennzOil, and I in Augusta, KS, Socony Vacuum (Mobil).
Visited these towns last year.............no refineries now.

[ProudDad]

4. Consider the source (n/t)