Gas Rant was RE: [extropy-chat] Seven cents an hour? (was: Riots in France)

[Gary Miller]

The only reason oil prices are dropping now is that the government is
grilling the oil companies on their obscene profits made this year.

Watch the oil companies drop the prices just long enough to get the
government off their backs or pay some token windfall profit tax like they
did in the 70's.

As soon as the heat dies down they'll be waiting for another natural
disaster or global conflict as an excuse to hike the price even higher.

I wouldn't feel as bad if the oil companies were investing the obscene
profits into new refineries or alternate energy research above the
obligatory token amount.  But to do that would loosen one of the supply
bottlenecks and drive their prices down.

I believe Saudi Arabia when they say the problem is not them.  If they
produced more oil there is no capacity to refine it.

And if they do get around to building more refineries.  Let's not let them
get away with building in a hurricane zone.  The 30-40 year hurricane cycle
is just starting and I have a feeling Katrina was just the beginning.
 
>> MB
Lucky you! :) They've certainly dropped here too, but not that much.
They're running (last I bought) around $2.25 - $2.50 for regular, which is
considerably more than before Katrina. Folks here don't seem to think
they're going to stay down either. Among the people I know, many are still
curtailing their driving - and their purchasing. Our electric bills have
risen and so has garbage collection and furnace cleaning/repairs and home
plumbing or electrical repairs - all surcharges because of fuel cost
increases. I'd be astounded if those bills drop back any time soon.
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