http://priceofoil.org/2007/05/18/big-oil-grilled-by-house-anti-trust-panel/ Oil Change International campaigns to expose the true costs of oil and facilitate the coming transition towards clean energy. We are dedicated to identifying and overcoming political barriers to that transition. Sun, 07 Sep 2008 03:18:58 +0000 http://wordpress.org/?v=2.5 http://priceofoil.org/2007/05/18/big-oil-grilled-by-house-anti-trust-panel/#comment-59707 Richard Young Mon, 21 May 2007 04:29:59 +0000 http://priceofoil.org/2007/05/18/big-oil-grilled-by-house-anti-trust-panel/#comment-59707 It's a bit encouraging that Congress is at least holding hearings on high gasoline prices and the causes thereof, but experience suggests that hearings will have essentially no effect on current or future prices. The Bush Administration surely will not take any significant antitrust actions against the responsible oil companies, and in any event antitrust actions are unlikely to provide price relief for consumers in the foreseeable future. I would be interested to see legislation which would establish a government-sponsored refinery that could kick into the market with substantial additional refining services when a given supply-demand factor is exceeded in the market (and later kick out of the market if and when the shortage of refining services disappears). Of course this would be a "socialist" measure, but then isn't that what Bernie Sanders is supposed to be propounding? Not, I fear. It’s a bit encouraging that Congress is at least holding hearings on high gasoline prices and the causes thereof, but experience suggests that hearings will have essentially no effect on current or future prices. The Bush Administration surely will not take any significant antitrust actions against the responsible oil companies, and in any event antitrust actions are unlikely to provide price relief for consumers in the foreseeable future. I would be interested to see legislation which would establish a government-sponsored refinery that could kick into the market with substantial additional refining services when a given supply-demand factor is exceeded in the market (and later kick out of the market if and when the shortage of refining services disappears). Of course this would be a “socialist” measure, but then isn’t that what Bernie Sanders is supposed to be propounding? Not, I fear.

]]> http://priceofoil.org/2007/05/18/big-oil-grilled-by-house-anti-trust-panel/#comment-58936 Jay Hanas Fri, 18 May 2007 14:44:06 +0000 http://priceofoil.org/2007/05/18/big-oil-grilled-by-house-anti-trust-panel/#comment-58936 Big oil keeps on harping on "supply and demand". This is a smokescreen of course as anybody who bought gas in the early 70s can attest to. There was a supply and demand problem then and you stayed in line an hour at a gas station (the few that were open)and received 10 gallons of gas. Today most stations only have a few cars pumping gas at a time with many pumps open. Today the oil monopoly "supplies" the gas and "demands" whatever they want for that gas. Of course with the blessing of the present administration and even apparently the present congress. Big oil keeps on harping on “supply and demand”. This is a smokescreen of course as anybody who bought gas in the early 70s can attest to. There was a supply and demand problem then and you stayed in line an hour at a gas station (the few that were open)and received 10 gallons of gas. Today most stations only have a few cars pumping gas at a time with many pumps open. Today the oil monopoly “supplies” the gas and “demands” whatever they want for that gas. Of course with the blessing of the present administration and even apparently the present congress.

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