Oil boy, here we go again. The price of gasoline has risen 10 percent in the past month and 6 percent in the last week and people are wondering why. Most will say that it is caused by the unrest in Libya and the Middle East. Oil is rising on the “speculation” or assumption that there will be a disruption in supplies.
I have been driving and buying gas since 1974, and I have never seen a disruption in oil supplies. The closest thing to a disruption was a government/media manufactured oil embargo in 1980, to raise prices. The latest increase in oil was on the rumor that Saudi tanks were en route to Bahrain to quell disturbances, which turned out to be false.
Is it coincidence that March is the last month of a quarter, and the big oil execs and speculators are padding their quarterly profits, using Libya as an excuse to hike oil prices when there is more that enough supplies and “NO” disruption. I guess that the big oil companies are hoping that the American public has forgotten what happened in 2008, when oil topped out at $146 a barrel. The media blamed Fanny Mae and Freddy Mac for the economic downturn, job losses and home foreclosures that happened three years ago, but it didn’t happen until America had to decide whether to pay their mortgage or buy gas to go to work to pay for food. Big Oil is hoping that the American public are a bunch of sheep and will shut up, drink the Kool-Aid and believe what the media tells us about rising oil prices without question.
They say that history is doomed to repeat itself, but I didn’t think it would happen within a three- or four-year period. I suppose that the greed of a few will send the economy of this country down the tubes again, while we make the rich people in the oil producing counties richer. Please, let’s not repeat history again!
David J. Brownell