3.20.2006
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It’s Economics 101. The oil industry is run by a cartel, OPEC, and what economists call an “oligopoly”—a tiny handful of operators who make more money when there’s less oil, not more of it. So, every time the “insurgents” blow up a pipeline in Basra, every time Mad Mahmoud in Tehran threatens to cut supply, the price of oil leaps. And Dick and George just LOVE it.
Dick and George didn’t want more oil from Iraq, they wanted less. I know some of you, no matter what I write, insist that our President and his Veep are on the hunt for more crude so you can cheaply fill your family Hummer; that somehow, these two oil-patch babies are concerned that the price of gas in the USA is bumping up to $3 a gallon.
No so, gentle souls. Three bucks a gallon in the States (and a quid a litre in Britain) means colossal profits for Big Oil, and that makes Dick’s ticker go pitty-pat with joy. The top oily-gopolists, the five largest oil companies, pulled in $113 billion in profit in 2005 – compared to a piddly $34 billion in 2002 before Operation Iraqi Liberation. In other words, it’s been a good war for Big Oil.
...
It’s Economics 101. The oil industry is run by a cartel, OPEC, and what economists call an “oligopoly”—a tiny handful of operators who make more money when there’s less oil, not more of it. So, every time the “insurgents” blow up a pipeline in Basra, every time Mad Mahmoud in Tehran threatens to cut supply, the price of oil leaps. And Dick and George just LOVE it.
Dick and George didn’t want more oil from Iraq, they wanted less. I know some of you, no matter what I write, insist that our President and his Veep are on the hunt for more crude so you can cheaply fill your family Hummer; that somehow, these two oil-patch babies are concerned that the price of gas in the USA is bumping up to $3 a gallon.
No so, gentle souls. Three bucks a gallon in the States (and a quid a litre in Britain) means colossal profits for Big Oil, and that makes Dick’s ticker go pitty-pat with joy. The top oily-gopolists, the five largest oil companies, pulled in $113 billion in profit in 2005 – compared to a piddly $34 billion in 2002 before Operation Iraqi Liberation. In other words, it’s been a good war for Big Oil.
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