I’m still doing my own investigation into this matter, but I’ve read/heard that there might be (is?) some oil price manipulation being done by the oil futures markets. Here’s just another point on the curve, for whatever it’s worth: [more]
Ok, so I’m really dating myself with that childhood favorite title, but it’s apropos for today’s topic: our insatiable appetite for petroleum products. I’ve meant to write about oil & gasoline prices for the past 6 months, but have never had enough time to collect all my thoughts & data in one place (and I doubt this will be that “one place”), so please pardon me if this blog entry seems a bit “stream-of-conscious”. Maybe this will be an ongoing series… This is partly in response to Congress’ political posturing this past week at looking into Big Oil’s massive profits, and partly in response to people who keep complaining about the price of gasoline at the pump, and particularly that Big Oil is gouging them. It is not meant solely as a defense or rationalization of the profits made by Big Oil, though maybe partially.
My dad was an employee for Exxon for 32+ years, so oil has always been an important part of our family life. But I’ve never been a fan of the enormous bonuses any CEO (oil or otherwise) grants himself/herself when their company has underperformed the S&P500, especially when that bonus comes during a 12-month period when other employees are being laid off and/or having their benefits and salaries cut. As I’ve written before (here in the comments of a previous blog), there must be a balance between Labor and Management. [more]