Some of you are itchin' for a debate. You won't get it from me. I know better than to waste time going down rabbit holes.
Here was my purpose in posting this thread:
When gas prices surge, a lot of folks immediately point to the oil companies and their "record profits." They have this notion that Big Oil is some all-powerful oligopoly pulling the world's strings as on a marionette, and raking in profits at will.
It doesn't work that way. It's more complex. Oil companies are, of course, a factor. But there are many factors.*
Is the graph overly simplistic? Of course. A full treatment of this topic would deserve a book - maybe several. But the graph presents a bird's-eye view of prices, and reveals there is much more to the puzzle than the all-powerful, unstoppable oligopoly.
The points in the article are good ones (though it's worth filtering Hayward's comments). They deserve attention, if only to stimulate thought that goes beyond, "Those oil companies are making too much money!" or "The U.S. is in Libya/Iraq/etc. to get their oil!"
It's obviously more complex. That's the reason I posted the thread. Not to provide a treatise on the topic. lol
At allco: interesting chart.
* MSTeacher, supply is indeed a factor. To your point, oil reserves continue to increase, which is what I assume you're referring to. But the article is not referring to reserves. It's referring to production (i.e. drilling to produce crude for sale).
This is one of many rabbit holes. I'll sidestep the others.
