OIL PRICES NEAR $70 FORCASTERS SAY DEMAND RISING

As gas prices at the pump near $3 dollars a gallon, the oil companies would like you to believe that more people are buying gas driving prices higher, that couldn’t be further from the truth! The fact is, someone is artificially manipulating the market, i.e.; oil futures, driving prices up. The fact is that for months now the oil companies have not had to buy crude oil and have not had to refine gasoline, with the crash of world economies the demand for oil and gas has been severely reduced and while there have been cuts by OPEC to reduce the output of oil, the fact is, people cant afford to buy gas.

In major ports around the US, there are oil tankers, docked full of crude oil waiting to be offloaded, as oil refineries are fully loaded with both crude to be refined, and gasoline that’s been refined. So these so called dips in supply have nothing to do with increasing demand, when capacity becomes available they dip into the stockpile of oil that was bought just before the economy crashed and refine enough to replace what has been used, keeping up the appearances, and to keep machinery from going idle.

So gas at it’s lowest point at the end of 2008 was about $45 which was the last time the oil companies bought crude oil to refine, and this is when they started refining gas for the summertime, after which they began to store up supplies while the prices were low. Within a short time they had replaced all the oil that had been diverted from our nations strategic oil reserves, and had filled all the onsite storage to capacity and yet they still continued to buy, filling up oil tankers and then parking them and basically using them as floating storage tanks. Having to pay for docking fees and insurance on the vessel and the oil stored inside, they began to start raising the gas prices at the pump to offset these costs.

Fast forward to today. There was a blurb in the news about the weak dollar. Prices rise at the pump again. Someone pumps in millions into the futures market and prices continue to rise. Threats of OPEC cutting back production, prices still are rising. Meanwhile the oil companies are not buying any oil, not really refining at any noticeable levels and American consumption of gas it as the lowest levels in decades, and still there is no outrage against congress, the president or the oil companies for obvious price gouging! When will congress and the president hold oil companies accountable? When will the people of this great country hold the politicians accountable? When will we see real change? President Obama we are waiting…