How The Oil Companies Are Ripping Us Off.
The oil companies are a huge contributor to the bribe system on a worldwide basis. They provide the largest briber to politicians and the media. The damage they are doing to the environment and the potential livelihood of the world is unconscionable – especially when one considers that they are just doing it to make money. Oil companies attempt to dispute the extent to which their skyrocketing corporate profits are impacting the inflated price of gas. The data shows conclusively that profits constituted a much larger portion of gas price increases last year than at any point in recent history. This is called “price gouging.” The oil industry paid economists attempt to hide the extent to which consolidation has enabled old companies to increase prices. These corporate economists don't want to go against the industries that pay their salaries. In other words, when just a few companies dominate an industry, those companies are able to increase their prices more than they would be able to do in a more competitive environment.
Who owns the largest refinery in the United States of America? The completion of the expansion of the Port Arthur Refinery officially celebrated on 31 May 2012, increased its crude oil capacity to 600,000 barrels per day – making it the largest refinery in the United States. On May 1, 2017, the Port Arthur Refinery is now owned and controlled by Saudi Aramco. Saudi Aramco's official name the Saudi Arabian Oil Company is a Saudi Arabian public petroleum and natural gas company based in Dhahran, Saudi Arabia.
The oil industry told us global warming was a hoax: and they’re still telling us that. The hoax, it turns out, was the lie that there was no global warming — a lie that the industry spent hundreds of millions over decades to pull off. They succeeded in delaying action on global warming by at least three decades and maybe as many as five. That lie produced trillions in profits and brought us the climate crisis that is today killing millions and threatening all life on Earth. Each American — man, woman, and child — paid around $2000 last year to subsidize the fossil fuel industry, according to an analysis this year by the International Monetary Fund (IMF).
Worldwide, the fossil fuel industry’s lobbying power has gotten it about $6 trillion a year in subsidies; America’s $600 billion a year gift to the energy barons pours cash into this massively profitable industry at the rate of a million dollars a minute.
Why are Americans Subsidizing Our Own Extinction? To stop our climate-change-driven suicide, Congress must stop allowing oil exports, end subsidies to the fossil fuel industry, and promote clean American energy. We’re funding our own suicide: the world’s largest fossil fuel companies right now have drilling and mining operations underway that, if completed, will push the world well past a catastrophic 2.7 degrees Celsius, the level that some scientists estimate could lead to a dinosaur-level extinction.
And while the fossil fuel companies all give lip service to becoming “carbon neutral” they’re entirely talking about their own operations, not the fossil fuel products their operations are producing. BP is going to super-insulate their buildings: that’ll do nothing about the carbon bomb they and their colleagues in the industry are planning to throw into our atmosphere over the next 30 years.
Major oil companies made 35 billion dollars in profit in the first quarter of 2022. It is estimated that the Oil Industries are going to give $88 billion dollars in stock Buy Backs to their wealthy shareholders. Then the Corporate Media tries to make the public outraged about the high price of gas – when they know the Oil Barron's are gouging everyone. The Republican Senators filibustered lower gas prices so their Owners/Bribers (Oil Industry) don't have a windfall profits tax on their excess profit gouging. The last time oil was $115 a barrel the average gasoline price at the pump was $3.83, not over $5.00. The Oil Industries are using the excuse of war in Ukraine for the gas prices being high, in reality, they are taking advantage of that situation and raising prices to an outrageous level which is hurting the American working family.
Scientists tell us if we don't get our act together now, the planet we're going to be leaving our kids and future generations will become increasingly uninhabitable. All because politicians take bribes from the oil industry without any concern for the future. It doesn’t have to be this way, and the US could lead the world in getting off our fossil fuel addiction if only our politicians could stop taking money from the fossil fuel industry and instead do the right thing.
The issue with oil is not just supply and demand. We actually have a fairly significant amount of supply and don't have an extraordinary amount of demand. We're not even back to pre-pandemic levels. There is a massive amount of Wall Street speculation that is also causing an increase in gas prices. Remember on April 17, 2020, when the price of Oil went to $-55.90? They should have been paying you to buy gas!
Monopolies have jacked up prices this far above what they should be because they can. Gouging. They use inflation as an excuse.
Inflation is the new business model. There is no great shortage of anything. At least half of the inflation we are experiencing right now is being caused by big corporations, predominantly Oil Companies, that are essentially monopolies in their industries and are able to price gouge. For example, there are only basically four major airlines in America, their fares right now are over 20% higher than they were a year ago. They're just using their Monopoly power to raise prices. This is happening across every industry because the Bribe System has created virtual monopolies that have eliminated any competition. Half of our inflation is coming from the oil industries which maintain high oil prices because they can without competition or regulation. An easy solution is to go back to the law we had from 1973 to 2015 which made it illegal to export oil from the United States. We should keep our oil here, not ship it outside America just so Oil Companies can make more money. These companies are not patriotic to America.