Saturday, August 16, 2008

Big Oil's Second Quarter: Dramatic Drop in Demand, Sky High Prices and Profits

The group of Republican oil predators protesting on weekdays in the Capital must cringe every time statistics are released on big oil's second quarter. The public already knows we parked our cars more frequently and that oil companies made record revenues and profits. The reason for soaring high gas prices, according to our darkness to light Congressmen, is high worldwide demand. Not so, according to an OPEC governor:

"Summer strong oil demand growth in China, Middle East and Asia has not been enough to offset the huge decline in OECD oil demand in the second quarter," the producers group said Friday in its monthly oil report.

Huge decline in oil demand in the second quarter? Son of a gun! Both oil company executives and America's elected leaders have pushed bald faced lies. OPEC went on to say:

The group's monthly report also said OPEC is now producing "well above the demand for its crude."

Well, where are those falling prices, given excess supply? Consider the average U.S. price per gallon over this period:

March $3.25
April $3.44
May $3.76
June $4.06

I purchased gas this morning for $3.53 a gallon, some 75 cents a gallon more than last August and above the second quarter with all its non-free market indicators.

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