Umm...So they're admitting that they DO control the price?

[last1standing]

That's what this sounds like to me.

Sparano dismissed the charge as "not factual." He said prices fell during the summer and early fall because the industry, hoping to avoid a repeat of the post-Hurricane Katrina shortages, ratcheted up supplies this year. When the hurricane season fizzled out, the industry was left with a hefty surplus.

http://www.sacbee.com/103/story/74331.html

This ass is saying that it is well withing the capabilities of the oil companies to refine MORE oil than is required at any given time. That completely contradicts earlier claims that the high price of gasoline was being caused by the lack of refineries in the US due to legislation enacted during the Clinton administration.

Now they have two choices: either they are purposely restricting the production of gasoline to artificially inflate the price, or they lowered costs in an attempt to sway the upcoming elections. Either way they are now on record as having committed felony market manipulation or felony treason.

This is why a Democratic congress was so important.

[spag68]

1. crude oil up 1,30 today

wholesale gas 1.60. This year they will try to make their money in heating oil.

[in_cog_ni_to]

2. I know Saudi Arabia controls their flow of oil...hence the prices.

In Bob Woodward's book, "State of Denial" he tells about Bush thanking Bandar for flooding the market with oil to help keep prices down in the U.S......right before one of his elections. Of course they control the price. If they flood the market, price is low. If they hold back the flow, prices go up.

[last1standing]

3. We all know they're doing it, but now they're even admitting it.

If our new congress is paying attention, this could make for some very interesting hearings next year.