Thursday, March 31, 2011
Another Oil Company Scam
Maybe this is just an April Fools prank. If not it's the biggest scam since the bank and the stock market bailout. Gas is set to rise by an unprecedented 30 cents a litre, as world events drive prices up across the country. This is what happens when you trade commodities on the stock market. The crooks get greedy. World events? We were the ones that started the boycott of oil from Libya in the first place.
Hmmmm. let's do the math. Not long ago price of oil dropped so OPEC considered raising output. March 8, after the Libya uprising started, U.S. crude oil futures settled at $105.02 a barrel in trading on the New York Mercantile Exchange, down 42 cents. In London, Brent crude dropped $2.79 to $112.25 per barrel on the ICE Futures exchange.
So let me get this straight. Today WTI Crude is at $107.00 a barrel and Bent Crude is at $117.36 a barrel. That's a sharp increase of 0.26% and 0.12%. Even from the March 8 low it's only an increase of $1.98 and $2.11 a barrel. Not a significant enough increase to warrant a 30 cents a litre increase in the price of gas overnight. (An over night increase of $1.36 a gallon with the Canadian dollar at par with the US dollar) We are being had.
The stock market is driven by fear, greed and speculation. A Jedi seeks not after these things. When trading commodities on the stock market, weather reports and other related news can affect the speculation governing investment in a product. Let's face it, people who but stocks in oil want a high return on their investment. They will jump at any opportunity to raise the price of gas.
Not long ago, when we had a gas war on, that is when local gas stations were in a price war competing for business, it was really hard for the average gas station to make a profit. Not so any more. Ever since gas prices have skyrocketed the price war has not been in effect and all the gas stations are making a killing. This overnight raise in the price of gas is a complete scam.
Is this more propaganda to get the public to support the unlawful invasion of countries for their oil?
Saudi Arabia, due to higher government spending this year, will need its oil to sell for $88 a barrel in 2011 for its government to break even–up from $68 last year, according to a new estimate from the Institute of International Finance, a global bankers’ trade group.
Scam! The Saudi dictatorship that the people are protesting against has increased spending so they have to raise the price of oil $20 a barrel to keep up with their spending. What a joke. Only it's not funny because it's killing us.
Raising the price of gas raises the price of everything we buy in stores because the goods we buy are transported there by trucks that use gas. Who killed the electric car anyways? It's time to get electric cars back on the table and stop enabling the huge profits from the oil companies scams.
Maybe we should boycotts oil from Saudi Arabia instead of boycotting it from Libya? Ever think of that Neo Cons?