Oil prices continue to break records rising above $115 a barrel just over a week ago. At the same time Exxon Mobil and other giant oil companies are experiencing record profits. Consequently, Vermonters and U.S. citizens nationwide are weary of the rich man getting richer while everyone else suffers at the pump. The call by the Vermont Senate for an investigation by the attorney general into gasoline and diesel market manipulation is the result of this phenomenon and has caused a bit of a spark. With this spark came the dispatch of the American Petroleum Industry's chief economist, John Felmy, to Montpelier to testify against the Senate Resolution. The lead sponsor of the resolution, Robert Starr, D-Essex-Orleans, says states need to come together on this investigation because those in D.C. are too invested in the oil companies. Felmy said he was astonished by this resolution - the first of its kind in the U.S. [Sources: Burlington Free Press 1 & Burlington Free Press 2]
Oil Investigation
Oil prices continue to break records rising above $115 a barrel just over a week ago. At the same time Exxon Mobil and other giant oil companies are experiencing record profits. Consequently, Vermonters and U.S. citizens nationwide are weary of the rich man getting richer while everyone else suffers at the pump. The call by the Vermont Senate for an investigation by the attorney general into gasoline and diesel market manipulation is the result of this phenomenon and has caused a bit of a spark. With this spark came the dispatch of the American Petroleum Industry's chief economist, John Felmy, to Montpelier to testify against the Senate Resolution. The lead sponsor of the resolution, Robert Starr, D-Essex-Orleans, says states need to come together on this investigation because those in D.C. are too invested in the oil companies. Felmy said he was astonished by this resolution - the first of its kind in the U.S. [Sources: Burlington Free Press 1 & Burlington Free Press 2]
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What a bunch of uninformed people. Oil is at $115/barrel because of PEAK OIL. Exxon/Mobil's profit is huge because the selling price of crude is high. Their profit margin (9%) is LESS than Green Mountain Power or CVPS. Most businesses want and need a 10% or more profit to stay in business and grow. The independent oil companies control about 10% of the world's oil production. The cause of high prices is huge demand from us driving too much in gas guzzling trucks and SUVs.
David Blittersdorf
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