Quote:
Originally Posted by spanky part 2
Did any of you even read the article? They have cut back on production because they say there is too much gas on the market. Gee, prices at an all time high and still not enough money for these fuckers.
It's not that there isn't enough production, it's that they aren't using it and fucking all of us.
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Yes, there are oversupplies of gas since US consumption of oil is fastly going down. Few refineries even published pre-earnings warning.
From your article:
"Valero Energy Corp. joined them Wednesday, cutting output at its Corpus Christi, Texas, refinery due to high supplies and falling demand, Dow Jones Newswires reported. Gasoline supplies are 9 percent higher than a year ago. ."
Thank monetary policy of your FED, there is a huge speculation on oil. You are paying premium for oil mainly due FED and its current policy of weak dollar, which further drives speculation prices of oil up.
The most estimates on oil speculation says, that there is around 20-30 bucks premium due speculation on weak dollar. Thats what you get when you have FED trying to bailout its wallstreet friends, while they dont care about Joe6pack...
The Central Eurobank head even told it yesterday: "to cut interest rates at this point would be the same as taxing the people to bail out the banks. Cost of extra inflation would be the ultimate sign of moral hazard to save banks."