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Re: o/t here we go again
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Posted by VADAVE on September 06, 2006 at 05:53:36 from (63.164.202.130):
In Reply to: Re: o/t here we go again posted by BobMo on September 06, 2006 at 05:36:28:
Bob your abut half right. If the oil company owns the well (Chevron consortium in the gulf) then they don't "buy" the oil. If they get the oil from wells they run but are owned by the country then they buy the oil at the country's set price (Saudia Arabia). However today how the oil companies get their crude has nothing to do with the pricing of the refined product. They are pricing their products based on the commodity market and the fears/greed of speculators. Right now it's working fine for the oil companies--they're making gobs of money--if the speculators ever decide there is plenty of supply and drop the price then the companies will do something different.
By the way haven't you noticed when ever someone asks the oil industry why the price is so high the claim is that they didn't cause that it's just supply and demand. Who's messing with supply of refined oil products?
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