Here's the source of some pretty heated debating.
This is a great article talking about the pros and cons of finding additional oil reserves in the Gulf of Mexico. It lays out some serious, and I think, very real accusations against the oil companies.
Unfortunately, I don't think the typical American consumer can even see this. We just keep right on spending our money, living in our own little fantasy worlds.
Here's a brief clip of the article, by Aaron Glantz, at OneWorld US (oneworld.net)
"Many environmental and consumer groups argue that today's high gas prices are caused by oil company price manipulation more than anything else. According to the Washington, DC-based group Public Citizen, profits at the five largest oil companies skyrocketed to $59.4 billion for the first six months of this year.
In a new report titled 'Hot Profits and Global Warming: How Oil Companies Hurt Consumers and the Environment,' Public Citizen argues leading oil companies could have invested some of that money into alternative sources of energy but instead have spent $112 billion since 2005 to buy back their own stock and pay dividends rather than invest in infrastructure or alternative energy sources.
'Under the current market framework, oil companies aren't making investments in ways to break our addiction to oil and apparently have no intention of doing so,' Public Citizen's Tyson Slocum said in a statement. 'With $1 trillion in assets tied up in extracting, refining, and marketing oil, their business model will squeeze the last cent of profit out of that spent capital for as long as possible.'
Oil companies have also spent considerable energy lobbying Congress and in late June convinced the House of Representatives to lift a moratorium on new off-shore drilling, replacing it with a process that would require states to take proactive measures if they wish to maintain the environmental protections currently enshrined into law. "
Oh, well!
This one is definitely worth checking into.
Al Speer