Because the US doesn't allow exploration and production in many of our most promising resources, forcing us to depend on other sources for our petroleum.
Doesn’t OPEC have, basically, a monopoly on the oil that we need to run our economy?
They control about 40%. Not technically a monopoly but certainly big enough to greatly impact prices and supply. Most of our imported Crude Oil Comes from OPEC.
And why are the oil companies making record profits?
Record profits along with record taxes and record expenses. Profit Margins remain near average historical levels.
Record profits along with record taxes and record expenses. Profit Margins remain near average historical levels.
Record Taxes!!!! Hmmm, and those rascally Republicans want lower taxes? BS!
The other night listened to Michael Savage for a few minutes as I was driving out of range of local stations. He was ranting that the cause of the high price of crude oil was corrupt American contractors in Iraq and elsewhere. What a complete nutcase he is; no wonder Mark Levin calls that show “Wiener Nation.”