Don’t read this post

Blame it on Big Oil! | | Jane Chastain | May 5 2008 | link

Mainstream media is too occupied with wondering why Hillary won’t drop out of the race or polling the President’s approval numbers to actually report hard news or accurate facts. It is much easier to peddle to a people’s discontent then to educate and inform. It is not popular to tell the truth in this country and even worse to tell people that they might be wrong.

So if you like ignorance and inaccuracy please stop reading (and voting)

The TRUTH about OIL

Only 1.5 percent of industry shares are owned by company executives. The rest is owned by people like you and me. If you have a mutual fund or IRA, there is a good chance you own a piece of the oil industry you are looking to vilify…

Big Oil makes its money by pumping oil out of the ground, not refining and selling it as gasoline. Only a tiny fraction of Exxon’s $36 billion profit last year came from making and selling gas in the U.S.

The price of gasoline is not set by Big Oil. It is set by futures exchanges around the world and is a direct result of supply and demand. As the world’s demand for gasoline has increased, it has all but exhausted the world’s surplus production capacity. No new refineries have been built in the U.S. since 1976…

Governments own three-quarters of the world’s known reserves. Flush with oil revenue, these countries have little incentive to expand their production…

Also, it is important to remember that companies do not pay taxes, individuals do. Taxes must be passed along to consumers as part of the cost of doing business. Real people always will (always have) pay the cost of higher taxes. Let consumers – and voters – beware!

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