Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
WASHINGTON (CNN) -- Chevron Corp. CEO David O'Reilly says Big Oil is not to blame for skyrocketing gas prices.
In an interview Tuesday with Wolf Blitzer on CNN's "The Situation Room," O'Reilly said high demand and a short supply of crude oil were key factors causing gas prices to spike.
Prices go up $16 because the ECB said they haven't ruled out raising rates - yeah thats supply and demand. Prices shot up $5 today because a lead Nigerian militant said he wasn't attending a peace summit. There's some more supply and demand. Saudiss announce increase in production, price goes up. Bush suggests drilling in the US, price goes up. Yes, all supply and demand.
This link headliner is deceptive.
His answer was that he didn't know anything about the financial end of commodities market because he's in the business of being a physical player. That may be factual about himself as a discrete entity of a corporation, but that doesn't mean it doesn't apply to other discrete entities of corporations, nor is it claiming that market manipulations aren't happening. Those factually ARE happening, & good luck proving it. 5000 miles of paper chase leads in circles. Like anything else, you'd have to follow the money a long way to know who benefits primarily from oil prices, and secondarily from hiking world inflationary levels to astronomical heights.
Drilling ANWR today would result in the same market price because it's not free market when markets are cornered.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
