We know Oil Execs lie regarding prices.........?

Question

The best example yet of the lies and out right profiteering has to be the Esso situation. Yes there was a fire, No gas was harmed, Yes there was a CN strike, now it's over..........NO, none of the other gas companies was directly affected, YET, lo and behold, their prices went through the roof. And now, as if to add insult to injury, Esso and other gas companies are claiming that there is still a shortage, but due to what, they will not say, just that there is still a crisis. A.) Do they really think the general public is that stupid? B.) Knowing they more than likely pay off MPs, should we consider some form of direct action? C.) What suggestions, if any, would you have in regards to what action to take? D.) and since profiteering is a crime, should the law become involved?

Interesting, my question dealt with a particular event and I get no responsive answers. Oh well. BTW, I do invest in funds which are consumer based (such as petroleum products), second Canada rarely if ever buys oil from Iran or Venezuela, Third, I am very much aware of the profit on gas and with Billions in profits each year, it gets more and more difficult to buy lies, but thanks for trying to sell them to me.

I mean I DON'T invest in petroleum products.....sorry for the typo

Gunny, I will take a peek at that.

wideapart, fair enough, and thank you, an answer to the question asked.

Answer 1

Please note! I am not making excuses for the oil industry!!!
But some of your facts are way off. Yes there was a fire and IT DAMAGED the refinery. Although no gas as far as I know was lost, the ability to make gas at the pre-fire volumes was cut in half. The reasons for the other gas companies raising their prices were for two fold;
one) we live in a "supply and demand" economy so when the supply shrinks regardless of the cause the prices increase--2) if you remember watching the international price of a barrel of oil a couple of months ago to see how high it is - you should be looking at it now as well.......The price of crude has gone up a couple of bucks a barrel in the last few weeks so the cost of fuel goes up. Yes the rail strike is over but that doesn't mean the day after the strike the rail roads can be at full capacity and have deliveries into the refinery and bulk stations right away, it'll take a week or more at least for them to get back to the old schedule.

I also think that maybe just maybe the oil companies may have taken advantage of the situation and maybe just maybe added a couple of tenths of a cent to the prices but I'm not sure and I don't know how anyone would prove they did this. I guess I just don't trust them.

Answer 2

You should find out:
how much profit is made on a gallon of gas?
and
How much total tax revenue is charged?
Then decide who's really "profiteering

Then look at your retirement funds and find out how much YOU made from oil investments. If you don't like them, give your profit back.

"Stockholders" are no longer just a few fat cats. Mutual funds, retirement funds, educational saving funds, they all own a piece. When you start bashing corporate stockholders, you're bashing widows and orphans.

And the corporations no longer have any real say over the oil market. hugo chavez and ahmaweeniejob set the price now. any time they want an increase, they just open their sewage-spewing pieholes. You want lower gas prices, put those two worms in the ground.

response to your add. comments. It doesn't matter if Canada buys from Iran or Ven. - oil is a world market commodity, so the influence the two nutcases have on your price is the same whether you buy from them or not. And billions of profits are dwarfed by tens (or hundreds) of billions extorted from your pocket in taxes. And whether you choose to invest or not makes no difference to all the retirees and employees who are just trying to save for a decent retirement without relying on government entitlement pyramid schemes.

Answer 3

Profiteering is in fact running rampant, it would appear our Anti-Trust system (U.S.) has been suspended, along with the Constitution. In 1978 after the Alyeska (Alaska) Pipeline was finished the oil cartels guaranteed 100% flow of crude through the pipe for at least 50 years, a condition of the original pipeline approval by the State of Alaska, U.S. Congress and EPA. Now since then the number of wells on the north slope has doubled, but the pipeline flow is now down to 30%. Smells of price fixing to me…
Several big oil companies have faced class action suits by their own dealers because of obvious price fixing schemes, and are winning. More major class action suits by dealer associations are now in the ..uh.. pipe-line…(shhhh). For proof positive punch up Alyeska Pipeline flow statistics since 1975. Also, the billion barrel Elk Hills oil reserve (Bakersfield Calicornia) was turned over to private oil interests years ago, now just sitting there, not one barrel pumped to date…
See any major action in the Alberta oil shale fields? Watch the foot dragging and stalling tactics by “environmental groups” (funded by, and in conjunction with Big Oil). (bigger shhhhh…).

Our governments are supporting the rape, the only recourse is massive boycott.... and maybe select strikes against major industry.

Answer 4

Hey,,,, say it isnt so,,, you mean that Exxon aka ESSO,, would actually deal with open ended corruption of government officials?????? ( MP,,,, members of Parliement for all Americans ,,,, are like our Congressmen)

Heck,, they dont have to pay them off,,, Isnt Lord Browne a MP????? they got em right in Parliment.......

OH,, dont forget your famous company British Petroleum ,,,, you don't think THEY would pay off anyone do you??????

good luck,,, chip chip