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Are you sure you want the Feds to act on gas prices?Who really owns the oil?
The Washington Times has an interesting
article.
The American Petroleum Institute estimates that nearly 80 percent of the world's oil reserves are owned by national oil companies and 6 percent are controlled by investor-owned corporations such as Exxon Mobil and Shell. That trend -- and the tendency of states to skimp on investment in future production so they can spend their oil riches on other projects and causes -- prompted the Energy Information Administration late last year to nearly double its forecast for world oil prices, saying they would stay at high levels because of lack of investment. The trend emerged in recent years as two of the top oil producers -- Russia and Venezuela -- asserted control over their oil industries, precipitating sharp drops in investment, development and production. Their actions laid the foundations for today's soaring prices. I hadn't realized that it was quite that high, I thought nationalized oil companies only controlled about 60% of the oil reserves. It certainly puts a different complexion on things. If gasoline prices are high because of political action, then the American people are being sold a bill of goods. 
Posted: Thu - May 4, 2006 at 04:36 AM
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 Pagan Vigil
Pagan philosopher, libertarian, and part-time trouble maker, NeoWayland watches for threats to individual freedom or personal responsiblity. There's more to life than just black and white, using only extremes just increases the problems.  My Thinking Blogger Nominees
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