Price manipulation could explain the marginal â€” why gas went from, say, $2.70 to $2.90 â€” but not why gas went from $1.40 to $2.70. That's more about fundamental forces: Chinese and Indian demand, markets spooked by Iran's threats, Nigeria's unrest, Venezuela's talk of nationalizing its oil industry, and the Pentagon's bungling of the restoration of Iraq's infrastructure.
Gasoline prices may be hurting average folks, but the oilers who helped put the Boy King and the Duke of Halliburton in office with lavish donations are enjoying record profits and breathtaking bonuses.
The Oilmen in the Oval, incompetent in so many ways, have brilliantly achieved one of their main objectives: boosting the fortunes of the oil industry and the people who run it.
The only oil baron who isn't cashing in these days is Saddam. We pulled up to the pump in Baghdad and plunked down $10 billion a month, and we're still not getting any gas out of it. Instead of easing our oil dependence and paying for Iraq's reconstruction, the bungled invasion and subsequent nuclear sparring with Iran have left even Republicans looking for Priuses.
Posted by Scottage at 4:33 PM / | |