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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: Justa Werkenstiff who wrote (14645)6/22/2000 10:38:00 AM
From: Boca_PETE  Read Replies (1) of 15132
 
Justa: Article on Higher Oil Prices linked below:

chron.com

No matter how reasonable the explanation provided, it looks like the low life demagogues will have a field day bashing and blaming big oil companies for higher pump prices during the political season leading up to the elections. They will ignore the facts that gasoline prices adjusted for inflation are now lower than in 1990 or in 1980, that gasoline bills as a percent of disposable income are the lowest in 20 years, that gasoline consumption is up by 2.4% compared to last year, that higher crude oil prices are increasingly being reflected at the pump on a delayed basis, that low inventories have been maintained in response to prior criticism that oil companies had windfall profits from maintaining high inventories in prior years rising price environments (like there's something wrong with making money for shareholders by buying low) .....
End result will be to further weaken U.S. oil companies making them more vulnerable to be taken over by foreign mega-majors. Greater dependance on foreign oil will surely follow that. What other industry averages net income as a percent of revenues in the low single digits and gets accused of making obscene profits. It's an outrage!

The short sighted ignorant demagogues sicken my stomach - time to tune out!

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