Are the oil companies too much of a monopoly? And the politicians are right in their pocket?

Question

Gas price's are so high, and oil companies are going to do their best to keep it that way.
They're record profits are not because consumption is growing and growing.
I keep hearing that a refinery hasn't been built in decades, with these record profits, I don't hear anyone saying any will be built!
I guess there's nothing we can do, Is there?

Answer 1

Why don't you check up on the guidelines to building a refinery... or perhaps you're nominating your own backyard as a construction site?

Besides, oil reserves will run out in a few decades, and mpg on cars keep increasing. The solution is to drive less or trade in that H3 for a more fuel efficient car, not demand more.

Answer 2

Actually, much of the price of oil (and the profits) have to do with investors, not CEOs. You are right about the refinery problem, but keeping up demand does benefit the company.

Here's what you can do about it:

1) Look around for the lowest prices in your area. You'ld be surprised to see the discrepancies even right across the street!
2) Obviously, try to conserve energy. Carpool, take public transport, and walk or bike when you can.
3) Small things can improve your mileage: inflated tires, no AC below 40 mph, and removing unneccesary trunk junk can save you gallons.
4) Conserve other energy sources other than oil! Recycle everything you can- cans, bottles, bags and paper. Something as simple as recycling an aluminum can can power a home.

Answer 3

So it sounds to me like you only want an answer that fits what you want to hear. The fact is that our consumption is growing, and growing, but we still have lower gas prices then 90% of the world. Also crude oil prices are at record high so when the oil companies purchase crude oil at a record price they have to turn the price back to consumers.As far as the refinerys go you're right we haven't built a refinery since the 70's, and were not going to get one anytime soon because of the enviromental nutjobs. refinerys pollute the enviroment....boo,hoo, hoo cars pollute the enviroment,and if we make even more gas we will pollute even more...boo,hoo,hoo. put high gas prices right were they belong on the heads of the consumer,and the enviromental nuts

Answer 4

Of course there is, but it will never happen. Want lower prices? Use less. It's economics 101 people. Even in a monopoly (which can't exist when there is more than one major player as is the case with oil companies) the law of supply and demand is king.

Answer 5

Yes, we can purchase hybrid cars, limit our driving and investigate the cost of installing solar energy packs in our homes. When the electric plug in car arrives we will be ready.

Good question, if they are making billions why are they getting huge tax breaks?

Answer 6

davidmi711 is correct

The consumer is King. You have the power, so just click your heels three times and refuse to buy gasoline.

There are many wonderful modes of transportation that do not require gasoline such as:

Walking
Bicycling
Canoe
Electric cars

Just use your imagination!

Answer 7

Yes on the monopoly and definitely on the pocket thing...