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It seems many politicians do not want to reveal the true reasons for the recent increase in our gas prices. It serves their political purposes to just blame the president who actually has nothing to do with it.
According to multiple media outlets including, Bloomberg Business News and the Courier Journal, “[In 2011,] the United States refiners exported 117 million gallons per day of gasoline, diesel, jet fuel and other petroleum products, up from 40 million gallons per day a decade earlier.” It seems this was for political favors from foreign countries and because they could also get a slightly better price.
According to recent Wall Street news, ExxonMobile Oil had a net income of $9.4 billion for the last three months of 2011. Another quote from the Business News states, “It is noteworthy that senior U.S. officials have absolved OPEC of responsibility for high product prices.” If the seller (OPEC) is not inflating the price of oil then the buyer (U.S. oil companies who import their oil) must be.
Oil companies control and purposely limit domestic oil so as to increase it’s value. If there is less of something, then the buyer must pay more for it. And — every time you fill your gas tank — you are the one paying. Several other articles show that for the past two years Congress (including our own Senators) have repeatedly and quietly squashed White House proposals to eliminate the exorbitant tax breaks that congress has authorized for all oil companies. Money speaks. If you have doubts, check the records.