[brownsfan]

Sorry, I know this isn't going to be well recieved. But if you believe the oil companies aren't profiteering over all this, you're very naieve.

[Steven W.]

actually, to be factual, you have to acknowledge they're taking both profits AND (MAJOR) LOSSES.

The liberal loony left is really pushing the limits, though - last night I saw the idiot (Huffington Post contributor) Harry Shearer bemoaning the (stupidly alleged) failure to prepare the 10,000 lb sandbags to plug the holes in the levy ahead of time & was aghast at how stupid he was not to realize or his hatred would not even let him ponder ... where, exactly, would they stage such preparation? In the path of the hurricane?

[goodnesswins]

It's called CAPITALISM.....supply and demand.....economics 101.....

[Shermy]

"Sorry, I know this isn't going to be well recieved. But if you believe the oil companies aren't profiteering over all this, you're very naieve."

I'll receive it well. Another comic aspect of the crisis is when the oil company PR flacks come out and blame regulations for lack of new refineries - as if they were interested in building new ones to lower their profits.

Most of the current price increase has to do with speculation, increased US demand via SUVs, China, etc.

[p. henry]

What is the difference between "profiteering" and simply making a profit. I presume that the former implies some form of illegality suchas price fixing among nominal competitors. If these activities have taken place, the offending companies should be exposed and prosecuted.

If, however, by "profiteering" you mean simply owning a commodity which has become scarce and therefore selling it at a higher price as a consequence of that scarcity, I disagree with the use of your prejorative term. You imply that selling a scarce product at a higher price is somehow wrong when, in fact, that is precisely how a free market is supposed to function. The most common cause of scarcity is market inefficiency. The most common cause of market inefficiency is governmnent interference.

In the case of the oil industry, our government has contributed to market inefficiency by imposing constraints on exploration (ala ANWR), refining (environmental requirements that have prevented any new refineries in decades), and efficient alternate sources (the effective elimination of the nuclear power industry). In addition, it failed to protect domestic producers from predatory price manipulation by OPEC in the '90s. Those who call oil companies profiteers and who advocate reducing gasoline prices through even more government interference in the marketplace should contemplate this sorry history.

[frgoff]

Profiteering is stealing materials and then selling them on the black market.

Explain to me how the oil companies are profiteering.