Originally Posted By: HTSS_TR
Originally Posted By: grampi
Originally Posted By: Al
Originally Posted By: grampi
They still gotta gouge when they can...
lol..yea..that evil free market again.
We've been through this before...the oil industry doesn't operate in a free market... they operate in a cartel...
Then why crude oil price is dropping the last 12-18 months to less than $40 a barrel ? Adjusted for inflation it is the lowest price in 11 years.
http://www.bbc.com/news/business-35152037
You're joking..........right?
Because demand is down and supply has increased to the point that producers have almost literally run out of storage. Just about every tank farm, every pipeline, and every seagoing oil tanker is full. When supply outstrips demand price goes down.
Thank American shale producers for that over supply. They started driving down the price with production, primarily out of the Bakken field.
Then the big players, the state owned monopolies that make up the OPEC cartel, like Saudi Arabia refused to cut production. Especially Saudi Arabia, who in fact have made it plain that they intend to shut down American shale production so they can get back to dictating the price of a bbl of crude, somewhere north of $100.00 a bbl.
The Exxons of the world have very little say in the price of crude and it's the price of crude that determines the price of gasoline.
I think anyone who doesn't understand this just isn't trying.
Larry