I think there was price gouging immediately after Katrina, but in general, I think oil prices have been rising as a result speculation in the futures market.
Posted by ann at May 18, 2006 12:02 PMWith gas at $3.17 for regular in Portland, people seem to be driving less. It doesn't take much of a consumer cutback in driving to impact the very close supply/demand equation in gasoline.
We may see some fallback to the $2.75 level before November, but $2.50 is likely gone for the foreseeable future.
Posted by JimPortlandOR at May 18, 2006 12:17 PMMy simple wish is that when these CEO's go their final hereafter that they are detoured into the Heaven prescribed by Allah with the slight glitch that they get there a bit late, after the suicide bombers have consoled themselves with the 73 virgins ... who then await the CEO's no longer sweet, willing and accepting virgins. Ah yes, sweet Hell as only a knowing woman can dole out.
Posted by mainsailset at May 18, 2006 01:37 PMI'd suggest the enron scam, otherwise known as the CA energy crisis in the summer of 2001 is the playbook. Take an energy plant offline, claim shortages and jack up the price.
These guys have a history of doing the same thing over and over. The sad part is that *we* keep falling for it.
Posted by Jim Faith at May 18, 2006 02:02 PMI don't think there is sufficient information available yet (available to the general public, at least) to conclude that the majors have been -- or have not been -- price gouging. There was a recent change in use of ethanol which slowed some refining, and, as a previous commentor noted, the runup in futures also has to be considered.
I'm not sticking up for the oil companies. I'd just like to be sure of the facts before concluding that they are the villains here.
Posted by Ralph at May 19, 2006 09:40 AMwe are on the plateau of the peak oil phenomenom. retail gas prices in the u.s. will bounce around the three-four dollar mark for a few more years (maybe 4-5), but as crude oil demand is under extreme pressure from asia (china), about 2012 expect crude to hit us$100/bbl, and then go up in a expotential way (us$200 in ten years).
the oil companies are being disengenuous about retail prices, but the sad fact is that there are finite supplies of crude left, and we are about to see the easily-exploited oil fields reach near-exhaustion point rather soon.
expect zero relief, and plan for green.
Posted by g randy primm at May 19, 2006 11:47 AMwe are on the plateau of the peak oil phenomenom. retail gas prices in the u.s. will bounce around the three-four dollar mark for a few more years (maybe 4-5), but as crude oil demand is under extreme pressure from asia (china), about 2012 expect crude to hit us$100/bbl, and then go up in an expotential way (us$200 in ten years).
the oil companies are being disengenuous about retail prices, but the sad fact is that there are finite supplies of crude left, and we are about to see the easily-exploited oil fields reach near-exhaustion point rather soon.
expect zero relief, and plan for green.
Posted by g randy primm at May 19, 2006 11:47 AM