That no one is complaining about big oil these days or their "insane profits". It proves a point I've been trying to make for several years and that is the oil companies are not the giant evil monsters that many people make them out to be. Like any other corporation they are in business to make a profit and yes $35 billion dose seem to be a bit much until you consider that if they made the same profit margin as say Chase Manhattan Bank there profit would of been close to $88 billion. In 2007 Exxon made the highest profit of any company in the USA on about an 8% margin, what the MSN media dose not tell you is who came in second which was the afford mention CMB with a margin of 25+%. Seems to me that if you want to complain about someones profit it would be some one that is asking the taxpayers to bail them out of their mismanagement. But hey what do I know.
July 11, 2008 the price of crude reaches a record price of $147.27 per barrel. July 24, 2008 the price has fallen to $125 per barrel even when experts were saying on the 11th of July that it would probably reach $180+ a barrel and there was no end in sight to the high price of fuel. So what happened? If you listen to the all the "experts" it was because of fears that the world economy was going into the tank (which it did and the price of energy was the cause) and/or the demand went down take your choice. I'm here to tell you it was neither of those. July 14, 2008 President George Bush lifts the presidential ban on off shore drilling. the price of crude begins its fall. Sept. 30, 2008 a Democratic led congress is forced let the moratorium on off shore drilling expire. The falling price of crude accelerates and now sits hovering around $40 a barrel despite efforts by OPEC (the real big oil) to get the price back to $70 a barrel by lowering production. Don't know about you but that tells me a lot.
Now for my question how much money is OPEC dumping into the Democratic Party and Greenie groups to keep us from drilling for our own oil? I don't have the answer but I'll bet it is a ton. Just something to think about. As Paul Harvey might say "now you know the rest of the story".
July 11, 2008 the price of crude reaches a record price of $147.27 per barrel. July 24, 2008 the price has fallen to $125 per barrel even when experts were saying on the 11th of July that it would probably reach $180+ a barrel and there was no end in sight to the high price of fuel. So what happened? If you listen to the all the "experts" it was because of fears that the world economy was going into the tank (which it did and the price of energy was the cause) and/or the demand went down take your choice. I'm here to tell you it was neither of those. July 14, 2008 President George Bush lifts the presidential ban on off shore drilling. the price of crude begins its fall. Sept. 30, 2008 a Democratic led congress is forced let the moratorium on off shore drilling expire. The falling price of crude accelerates and now sits hovering around $40 a barrel despite efforts by OPEC (the real big oil) to get the price back to $70 a barrel by lowering production. Don't know about you but that tells me a lot.
Now for my question how much money is OPEC dumping into the Democratic Party and Greenie groups to keep us from drilling for our own oil? I don't have the answer but I'll bet it is a ton. Just something to think about. As Paul Harvey might say "now you know the rest of the story".
