April 09, 2004
Oil Prices Rise Because...?
the american street: Coincidence?I'm always up for a good conspiracy theory. Assume this series of fires in oil refineries across America isn't a coincidence. What about it would work in Bush's favor? Perhaps having them fixed, with gas prices going down, in time for the election?
Note that it isn't far-fetched at all to suggest that the right wing would be behind a plot to manipulate energy prices. That's what they are being indicted for in California.
Well, the thing is, the oil companies have underinvested in refineries for years. It's in their interests to be lax about safety and maintenance, because they make a killing in the oil futures markets when there's an accident.
The problem with the Bush Administration is that they're not likely to do anything about this problem, other than roll back the environmental and safety regulations. And they'll shake down the oil companies for contributions.
Posted by: praktike at April 9, 2004 02:01 PMHow unrealistic is it to ask that oil companies be prohibited from interacting with the oil futures market?