Big Oil says not to blame for high gasoline prices

[GMCSonoma]

WASHINGTON (Reuters) -
Oil companies are not overcharging motorists for gasoline, an industry group told Congress on Wednesday, but U.S. lawmakers were skeptical that Big Oil was working hard enough to provide the fuel supplies needed to keep pump prices in check.
Consumers are paying record gasoline prices, currently at a national average of $3.10 a gallon, because of tight supplies and strong motor fuel demand.
The American Petroleum Institute told lawmakers its members were not to blame for high pump costs.

"We recognize that consumers are frustrated with today's higher prices," API chief economist John Felmy told lawmakers on a House panel investigating the price run-ups.
"The contention that higher prices are driven by market failure or market manipulation, including the holding back of supplies, is not credible," Felmy said.



Article continues here...

[j_granlund]

like they were going to say anything else.

[GMCSonoma]

2 words... Bull ****

[1931Chevy]

This is like the fast food restaurant syaing they are not to blame for all the Fat US citizens

[GM_Guy81]

Originally Posted by 1931Chevy

This is like the fast food restaurant syaing they are not to blame for all the Fat US citizens

Actually, I don't see many similarities. Last I checked, Macdonalds cheese burgers weren't required for most people to get to work and accomplish daily tasks. I also dont recall MacDonalds cheeseburgers going up in price 300% in the last 6-7 years.

[GM-10]

And I ask you Mr. Big Oil:

'How many new refineries have you built in the last five years in anticipation of increased demand?'

[Hitman1970]

Actually, I ask Mr. Treehuggingdirtmunchingdruid how many new areas for oil drilling have you protested while you whine about increasing fuel prices.

[Whitesky]

Originally Posted by GM-10

And I ask you Mr. Big Oil:

'How many new refineries have you built in the last five years in anticipation of increased demand?'

Try getting a refinery approved in this country. Won't happen thanks to the tree huggers.

[FoMoCo Fan]

"Big oil" controls 5 percent of worldwide production. Foreign governments like Russia, the OPEC nations, Venezuela, control the other 95 percent through their nationalized oil companies.

I wonder if rising fuel prices have anything to do with the rising global demand for oil. Maybe they have something to do with the rapid industrialization taking place in China and India, the most rapid "industrial revolution" in human history?

Nah, it's all just the fault of big oil. Higher demand never drives up prices.

[drew630]

Originally Posted by Whitesky

Try getting a refinery approved in this country. Won't happen thanks to the tree huggers.

Exactly, this is the MAIN reason gas prices are so high. Its almost like government induced monopoly. The government (thanks to eco freaks) won't let the refineries expand, so oil companies have to raise gas prices in order to keep from running out.

[Ambalanche]

amen to the previous 4 posts!

[redfox]

Hey big Oil Liar Liar you have your fingers in all of it.

[Ambalanche]

Originally Posted by drew630

Exactly, this is the MAIN reason gas prices are so high. Its almost like government induced monopoly. The government (thanks to eco freaks) won't let the refineries expand, so oil companies have to raise gas prices in order to keep from running out.

Actually, it's the market that determines the gas prices. It's a traded commodity so it's investors that determine what the price will be. The different regions are affected by different taxes ect. I also don't see congress even temporarily eliminating the tax on gas or the local/state govts. either.

[jbartley]

Originally Posted by Whitesky

Try getting a refinery approved in this country. Won't happen thanks to the tree huggers.

DING!

I kinda feel sorry for the people whose knee-jerk reaction is to blame big oil and the mideast for gas prices. do your homework people!

[GMCSonoma]

Originally Posted by drew630

Exactly, this is the MAIN reason gas prices are so high. Its almost like government induced monopoly. The government (thanks to eco freaks) won't let the refineries expand, so oil companies have to raise gas prices in order to keep from running out.

East St Louis is a desolate wasteland....great locale for a new refinery...the real estate there is already for squat, and mostly unwanted... besides that would bring some real jobs to the area.

There are other parts of the country where land is cheap because of ground contamination of the soil...why not build a refinery over it? I realize this is the easy way out...but if the damage is done???