It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Since 2001, energy corporations have showered federal politicians with $115 million in campaign contributions—with three-quarters of that amount going to Republicans. This cash helped secure energy companies and their lobbyists exclusive, private access to lawmakers, starting with Vice-President Dick Cheney’s Energy Task Force, whose report provided the foundation of the energy bill passed by Congress and signed by President Bush on August 8.
Originally posted by wutone
For all you railing against these oil companies, lets take a deep breath and properly focus our anger.
Notice from Sublime's posted spreadsheets who is making the biggest windfall of them all. The government.
The government is the one making the fattest profit. Yea our fearless government that started this oil price increase by screwing over our dollar and by stomping around the middle-east.
Originally posted by wutone
What is worse is that the oil companies don't actually pay the taxes charged by the government. YOU DO!!
Since I haven't read through the entire thread yet if this has already been covered, I apologize.
Originally posted by nyk537
Originally posted by Sublime620
They have the oil, they're making the money.
However, if I had to start pointing fingers, I would begin with the environmental whack jobs who prevent us from harvesting the oil we have right here in our own country.
Originally posted by theBLESSINGofVISION
Well of course it did...
Gas prices go up = profits up.
these crooks must be stopped!
We need a hero because we arent standing up for ourselves fast enuff...
[edit on 4/29/2008 by theBLESSINGofVISION]
Originally posted by Maxmars
reply to post by yellowcard
This seems to indicate that the real cause of the price jump is a function of speculating mechanics. So the actual cost to the consumer is driven by how successfully THEY gamble. Again, making the issue of skyrocketing prices a direct correlation to profiteering. There is a missing element in the equation though isn't there? Who 'determines' the price and is it based on anything 'real'? Or is it all 'too complex'?
How hedge funds, traders, and Big Oil are really driving gas prices.
By Nelson D. Schwartz and Jon Birger, FORTUNE
May 18, 2006: 3:36 PM EDT
(FORTUNE Magazine) - On a sunny May day in an office park in the Surrey countryside outside London, a Ferrari-driving hedge fund manager named Aref Karim is scooping up contracts to buy oil in July for $75 a barrel, $3 more than it's currently selling for. His company, QCM, has garnered more than $125 million in fresh cash since the beginning of the year, and he's itching to keep it at work.
A few hundred miles to the south in Paris, on the trading floor of Societe Generale Asset Management, Arnaud Chretien's team of Ph.D.s and engineers operates in near silence, with powerful computers buying and selling commodities according to preset algorithms, taking advantage of swift movements in everything from heating oil and gasoline to zinc and copper.
So why then is oil so expensive? While financial activity plays some role, there needn't be anything nefarious about the motivations of these market participants, each of which is operating perfectly rationally.
The bigger answer to the oil price run-up seems to be the one nobody wants to accept: supply and demand. Because energy demand is so inelastic - consumers don't quickly change their consumption habits when prices go up - and new supply takes so long to come online (Exxon's multibillion-dollar Sakhalin-1 project took a decade to reach production), small changes can have an outsized impact on price, especially in a tight market. And that's exactly what's happening now with oil.