Oil Watchdog’s latest press release has finally prompted me to write my own. I am composing it now, to be released in the next day or so. Here is the article that is prompting the response:
Oil Watchdog: We Make It Up As We Go Along
“Oil companies are reaping profits of up to $75 a barrel on $95-a-barrel oil, and now they’re taking the leash off of gasoline prices as well,” said Judy Dugan, research director of FTCR and its OilWatchdog project. “With the U.S. economy at a tipping point, a 14-cent jump in gasoline over a single week signals a spike that will empty consumers’ pockets during the holiday season. It’s not hard to imagine $4.00 a gallon early next year.”
FTCR noted that the major oil companies’ third-quarter profit dips were an anomaly, pushed by Congressional threats to cut their subsidies and cap their profits. An unexpected dip in summer gasoline usage, linked to record pump prices, also increased supply and put downward pressure on outlandish refinery profits, said FTCR.
Have no fear. I will apply the same level of journalistic integrity employed by Oil Watchdog. And like Oil Watchdog, if I don’t know the answer to a question, I will just authoritatively make something up. Stay tuned.
(Sorry, posted in the wrong place above)
I especially like the fact that just two weeks ago, Dugan revealed the oil industry’s deception when in mid October gasoline prices failed to keep up with crude (apparently she has a simple linear formula that was violated).
Now that gasoline is heading up again, Big Oil is once again guilty… of something else. You can’t win. I guess the feds have stopped threatening to take away subsidies?
What I find amusing is that they do say An unexpected dip in summer gasoline usage, linked to record pump prices, also increased supply and put downward pressure on outlandish refinery profits. Doesn’t that actually say that market forces are at work, even while they’re trying to ignore them?