Guess what? America is a capitalist nation, the goal is to make money. If his company had lost money and it's stock had gone down during his tenure he would have been fired.
And OPEC only controls the SUPPLY of oil, they do not set the PRICE. And as Raymond and others have pointed out, if we opened ANWR and other places in the US, got rid of "boutique" fuel standards, and allowed more refineries to be built, the price of oil would drop dramatically.
....And OPEC only controls the SUPPLY of oil, they do not set the PRICE....
Ummmm,
when the demand is constant - to increasing; and the supply is choked back, what happens to price???
(You are allowed to consult your Economics 101 textbook!)
And look how much Opry Winford is worth!
Opry certainly has a lot of people she's responsible for.
Don't you think it's in the business' interest to artificially restrict supply to drive the price up? The liberal lament about "no blood for oil" makes no sense since ultimately the consumers suffer if there is a true supply shortfall. We all know how critical transportation is to a well functioning economy. Right now, because of the state of transportation technology and over dependence, oil supply is a strategic national interest.
As more and more nations become developing countries, their demand for oil will increase. It's in our best national security interest to demand better fuel economy from our manufactures and get serious about alternatives such as hybrids, biodesiels and hydrogen. This is one situation where diversity really would be a strength.
What annoys me are the artificial constraints of supply and the abuse of some markets by Big Oil to subsidize markets where competition forces require they keep margins lower. San Diego is documented as one of those "get well" markets which is routinely punished to shore up profit margins due to slippage elsewhere.
Yes, we are a capitalist economy, which is great, but, how many times have we heard of executives being compensated at ridiculous levels, running companies into the ground and then escaping with golden parachutes? That's wrong in anyone's book, and they should be horsewhipped for playing the game that way. If you force all your employees to lose because you made bad decisions, you should feel the pain as well, other than your country club dues being no longer paid for by the company.
[b]Time for the Free Traders to chime in and insist that Exxon is just a buncha good ole boys never meanin' no harm, and that we should be glad to pay whatever they ask for gas because they're shining examples of the capitalist ideal.[/b][br]
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So true! Best post on the whole thread. I'd love to see some of these people paying $5, $6, $7 for a gallon of gas. That attitude will change real quick.
Gas prices doubled since last year, give or take a few months. If they double by next year, you will be paying $6 a gallon.