Thu, 28 Aug 2003 11:55:40 GMT
How gas prices got so high
There are lots of reasons for rising prices, says MSN
Crude oil prices have stayed higher than expected, in part because it's taken longer to get Iraq back on line. In addition, about 300,000 to 400,000 barrels daily of Nigerian oil production are curtailed because of local political turmoil. At the same time, Venezuelan oil production has not returned to pre-strike levels. And on top of everything else, OPEC has cut back on quotas <and yadda blah blah blah>
Yet oil prices always seem to spike higher and faster than other commodities – and take considerably longer to fall back. Other commodities have supply problems, yet their prices don't soar like oil. Could it be an opportunistic oligolopy is taking advantage of minor supply problems to make windfall profits knowing their “campaign contributions” and lobbyists have everything covered in DC should the populace get restless?
could it be? how? why? oh my! we should be clear that this is an age of 'capitalism', and that sometimes people profit by manipulating supply…. that's what the robber barons did so successfully, it isn't surprising that it could occur today.