Why are gasoline prices so high ?

[SparkyMac]

In 1972, before Nixon interfered with the Arab massacre of the
Israelis, oil was $3.56 barrel. Three years later it was $11.00.

Before Bush launched the invasion of Iraq, oil was $28.14 a barrel.

In 2002, the Texas Oil Sheiks were visiting the Oval Office and being
entertained by Dubya doing his version of the Dance of the Seven
Veils. One of the Sheiks, a little drunker than the rest, slapped
Dubya across the ass and whispered in his ear -- "Why don't you do for
us -- what Nixon did for us".

When Bush finished dressing, the Sheiks pulled out a slide projector
and showed him how Nixon's interference in 1972 had tripled oil prices in 1973.

From then on it was merely a case of "monkey see -- monkey do".

Today oil is about $124.

There is one school of thought that holds oil is this high because
China motorized all of their rickshaws. There is another that
believes war profiteers and oil speculators have a god-given right to
make a fortune every 30 years. I do not share those views.

[liberal N proud]

1. It is all about the commodities market

There is no shortage of supply, Peak Oil is not what is driving this train.
Simple matter of people putting their money in Commodities vs stocks in a down economy thus driving the price through the roof.

Same with grain prices as well.

bu$h or rather Cheney won't let him do anything that will cause the oil companies to lose some of those record profits.

[UndertheOcean]

2. I apologise in advance , but you are an ignoramus

[Breeze54]

3. Yes, I'm sure all the oil execs and bush & Cheney are innocent in all this...

:sarcasm:

Cheney Energy Task Force
http://www.sourcewatch.org/index.php?title=Cheney_Energy_Task_Force

------------

Document Says Oil Chiefs Met With Cheney Task Force

www.washingtonpost.com/wp-dyn/content/article/2005/11/15/AR2005111501842.html

"The White House went to great lengths to keep these meetings secret, and now
oil executives may be lying to Congress about their role in the Cheney task ...

[Individualist]

4. Greed

However, the record shows - supported by documents I have obtained - that there is more to the story. Specifically, the documents suggest that major oil companies pursued efforts to curtail refinery capaity as a strategy for improving profit margins; that competing oil companies worked together to subvert supply; that refinery closures inhibited supply; and that oil companies are repeating record profits, yet benefit from a proposed national energy policy that would offer financial incentives to expand refinery capacity.

http://209.85.215.104/search?q=cache:q76P7ZDKtAEJ:wyden...

That is fact. The oil companies say: Well, the problem is we do not have enough refineries. If we had more, then we would have more product and we might have a smaller spread and we would not be. Let me tell you what: Today, the refineries in America are operating at 85 percent of capacity. Do not buy this argument that it is about refineries. They have more capacity. They are holding back so they can keep their product dear and limited and short, and so the consumers will ultimately pay more. http://durbin.senate.gov/showRelease.cfm?releaseId=2969...