No, it was about collusion and controlling the pump price. YOU chose to blame it all on problems with the poor, dear oil companies and their equipment.
As I mentioned with TransAlta, minor issues that could have been worked around instead were used to artificially inflate the price by shutting such plants down when they could have continued operating. IF oil companies were to collude in a similar way, shutting down parts of their various refineries when there were ‘work arounds’ to keep production going, because of the price inelasticity, ALL would gain. THAT is the issue!
When Enron collapsed, MANY Canadian producers of both petroleum products AND electricity (read TransAlta) were sued because of COLLUSION with Enron. They manipulated energy prices. There are STILL people in the energy business who were involved. Most executives of major companies earn bonuses based, at least in part, upon share price. When the price falls, such as has happened over the last little while, their bonuses wither. All of a sudden, that new Bentley Mulsanne and that chalet at Jackson Hole and that summer house in the Hamptons are suddenly unaffordable. “GET ME MY SHARE PRICE, OR ELSE!” comes the order from the Executive suite... A comment like that is a STRONG motivator, instilling fear in many and some will do anything to save their jobs. Calgary has lost over 40,000 jobs in the last year. Do you not think that some, either by order or by insinuation and fearing job loss, WILL collude? OF COURSE!
As my dear departed aunt would have said, “SOSOS”:Same Old S$%& Only Softer! The legacy of Enron’s illegal actions continues to this day.
You responded to my post #72. My whole discussion has been about the refinery unscheduled shutdown.
Start another thread if you want. I’m not changing the topic on this one.