Oil Companies Continue to Pimp Gas Prices
Matt | On 25, Apr 2011
In case you have been living under a rock or you don’t have a car, then you know that gas prices have gone in the “WTF direction” since at least mid-January.
Conflicts in North Africa and the Middle East, as well as the approaching summer driving season here in the U.S., have been the “excuses du jour” for the roof being blown off of gas prices.
In reality, oil speculators, the crude oil market, and greed have been the main causes for the pain at the pump. Our nation is in a sticky situation where we don’t have a lot of oil supplies on our own, yet we continue to use it in record quantities.
It’s so bad that Sen. Richard Blumenthal (D-Conn.) wants President Obama and the Justice Department to look into potential legal action for those they believe are helping to drive up the prices.
In a recent ABC News story, Exxon is reported to expect a 60% increase in quarterly profits to upward of $10 billion. Shell is expected to rise 22% to $6 billion in profit for the quarter. Clearly, SOMEONE is winning with all of these price increases.
Sidenote: Answer this for me. At what price point are YOU going to get fed up with gas prices (i.e., change driving habits)?